Consumer choice, Microeconomics

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Suppose a family earns £1,500 per month and can either pay £0.50 per square foot in monthly rent for an apartment in the private rental market, or accept a 1,500 square foot house provided by the government at a fixed price of £500 per month.

In a graph with square feet of housing on the horizontal axis and ‘all other consumption’ on the vertical axis, illustrate all of the bundles in this family’s choice set.

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