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Describe oscar budget constraints

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Reference no: EM131218333

0scar consumes two goods, wine and cheese. His weekly income is $500.

a. Describe Oscar's budget constraints under the following conditions

1. Wine costs $ 10/bottle, cheese costs $5/pound

ii. Wine costs $ 10/bottle, cheese costs $ 10/poluld

iii. Wine costs $20/bottle, cheese costs $ 10/pound

iv. Wine costs $20/bottle, cheese costs $ 10/pound, but Oscar's income increases to $l, 000/week.

b. Describe why budget constraints ii and iii will prob- ably provide less utility than does budget constraint

I. Are there any situations where this would not be the case?

Reference no: EM131218333

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