Unformatted text preview: 2. Draw a representative budget constraint for a person with a budget of 10 hours of free time per week who only reads books or listens to recorded symphonies. Reading takes 5 hours per book and listening takes one hour per symphony. The budget line is a straight line between the two points 10/1 on the symphony axis and 10/5 on the books axis. If symphonies are on the vertical axis the line goes from 10 to 2 and the slope is equal to -5....
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- Fall '08
- Supply And Demand, Supply Elasticity, ARE100A INTERMEDIATE MICROECONOMICS, CONSUMPTION FALL QUARTER, representative budget constraint