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Econ 302 Homework #1 McLeod Due in class Wednesday, January 23rd. Name ______________________________________________________ ID #...

Finish the word file. It is econ questions. Thank you.
Econ 302 Homework #1 McLeod Due in class Wednesday, January 23rd. Name ______________________________________________________ ID # ________________________________________________________ Instructions: Please Read Carefully Please print out this form. There should be seven separate sheets of paper. After you have written your answers, please staple the seven sheets together at the top left-hand corner. The first sheet is intended only as a cover sheet. Do not write anything on the first sheet except your name and ID #. Please answer each question on the page provided. If you need extra space, you may use the back of the sheet. There are 50 possible points on this homework assignment. You may work together, but you MUST WRITE UP YOUR OWN WORK and TURN IT IN, IN PERSON, AT THE BEGINNING OF CLASS on Wednesday, January 23rd. Late homework will not be accepted. PLEASE STAPLE YOUR HOMEWORK!!
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1 . (8 points) Suppose you have $24 to spend on either tea (T) or sugar (S). Tea costs $.80 per cup and sugar costs $.5 per spoonful. Using a graph, illustrate your budget constraint. Please put the number of cups of Tea on the vertical axis and the number of spoonfuls of Sugar on the horizontal axis. You may assume that you can purchase any amount of tea or sugar (for example, you could buy ½ cup of tea). What is the Marginal Rate of Transformation between tea and sugar?
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Econ 302 Homework #1 McLeod Due in class Wednesday, January 23rd. Name ______________________________________________________ ID # ________________________________________________________...

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