Robinson makes $200 a week and spends his entire income on running shoes and basketball shorts.Write down the algebraic expression for his budget constraint if running shoes and basketball shortscost $20 each. How many of each good will he buy? 2. Write down the algebraic expression for Mr. Robison’s budget constraint if the price of basketball shorts rises to $30 each. How many of each good will he buy?

As per given data, first We can analyse the optimal coñsumption pattern of Mr Robinson using budget…

Answered: Robinson makes $200 a week and spends…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 1PA

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Robinson makes $200 a week and spends his entire income on running shoes and basketball shorts.

1. Write down the algebraic expression for his budget constraint if running shoes and basketball shortscost $20 each. How many of each good will he buy?

2. Write down the algebraic expression for Mr. Robison’s budget constraint if the price of basketball shorts rises to $30 each. How many of each good will he buy?

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