Sam likes Pepsi (P) twice as much as he likes Coke (C). Assume the price of Pepsi is $3 and the price of Coke is $1 and that Sam's income is $150. What is Sam's budget constraint? Draw Sam's budget constraint and two feasible bundles of Pepsi and Coke (Pepsi on the horizontal axis) and attach the drawing to your answer.

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Revealed Preferences and Budget Constraint Analysis

Revealed means “Let Out,” and Preference means “Choice”; Choice Reveals Preference.