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Describe oscar budget constraints

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0scar consumes two goods, wine and cheese. His weekly income is $500. a. Describe Oscar's budget constraints under the fol- lowing 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: EM131218347

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