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Mon 18 Apr, 2016 07:34 am
suppose John has 5000$ to spend on trousers and shirts. the price of trousers is 500$ and that of shirts is $312.50 each.
1. use the info and calculate consumer equilibrium for Joh.
2. use a diagram and graphically illustrate consumer equilibrium. Remember to incorporate indifference curves and a budget line in your diagram.