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1. An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate both the price consumption curve associated with changes in the price of wine, and the demand curve for wine.
Price Wine
Price Book
Quantity Wine
Quantity Book
Budget
$10
7
8
$150
$12
5
9
$15
4
$20
2
11
2. An individual consumes two goods, clothing and food. Given the information below, illustrate the income consumption curve, and the Engel curves for clothing and food.
Price Clothing
Price Food
Quantity Clothing
Quantity Food
Income
$2
6
20
$100
35
45
$200
15
50
$250
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