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Suppose Amanda initially has a budget of $50 for chocolates and potato chips. The price of chocolate (PC) is $4.00 per bar, and the price of potato chips (PB) is $5.00 per bag. (a) Provide the budget constraint equation. Draw the budget line and identify the intercepts with both axes. (b) Suppose Amanda's budget doubles and there is a discount on chocolate bars of 25%. What is her new budget constraint equation? Draw the new budget in the same graph. Clearly indicate the intercepts with both axes
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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