Budget line for consumer-using demand curve and utility

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Reference no: EM1347928

Given the following information, Describe the budget line for consumer. Be sure to label the axis and give a number for vertical and horizontal intercepts. Slope? Meaning?

Income =$1000/ month
Price of 1 pound of steak = $4.00
Price of 1 pound of potatoes = $0.50

Now, overlay several indifference curves onto the picture. What are these curves? What is their shape? How can you find the utility-maximaiztion point?

Reference no: EM1347928


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