What is the trade-off between junk food and gasoline

Reference no: EM131142500

Kathy, a college student, has $20 a week to spend; she spends it either on junk food at $2.50 a snack,
or on gasoline at $2 per gallon. Draw Kathy's opportunity set. What is the trade-off between junk food and gasoline? Now draw each new budget constraint she would face if

(a) a kind relative started sending her an additional $10 per week;

(b) the price of a junk food snack fell to $2;

(c) the price of gasoline rose to $2.50 per gallon. In each case, how does the trade-off between junk food and gasoline change?

Reference no: EM131142500

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