How black market affects the individual budget constraint

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Reference no: EM131500057

Question: Consider the model of an in-kind transfer in Figure. Suppose that it is illegal for a recipient of the cheese to sell it Nevertheless there is a black market, where cheese can be sold for $1 per pound. Show how the existence of the black market affects the individual budget constraint. Does it make her better off?

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Reference no: EM131500057

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