# PS1 - 1 Suppose that we have 8 people who want to rent an...

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(e) Write a budget equation that gives you this budget line, where the price of x is 1 (f) Write another budget equation that gives you the same budget line, but where the price of x is 3 4. In a small country near the Baltic Sea, there are only three commodities: potatoes, meatballs, and jam. Prices have been remarkably stable for the last 50 years or so. Potatoes cost 2 crowns per sack, meatballs cost 4 crowns per crock, and jam costs 6 crowns per jar. (a) Write down a budget equation for a citizen named Gunnar who has an income of 360 crowns per
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PS1 - 1 Suppose that we have 8 people who want to rent an...

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