Essay
A consumer has $1,000 a week to spend on renting square feet of housing x1 (at a price of $5 per square foot) and eating out meals x2 (at a price of $20 per meal).Derive the budget line equation and find the opportunity cost of housing in terms of meals in your equation.
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The budget equation x2=I/p2 - (p1/p2)x1 becom...View Answer
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