Order the answer to: In 2010, you buy shoes for $2 a pair and

Order the answer to: In 2010, you buy shoes…

Question	In 2010, you buy shoes for $2 a pair and socks for $1 a pair, and your income is $30, with which you buy 12 pairs of shoes and 6 pairs of socks. In 2011, you buy shoes for $1 a pair and socks for $2 a pair, and your income is still $30. a. Draw both years’ budget lines. Notice that they cross at the point (10, 10). b. True or False: In 2011, you will surely buy more than 10 pairs of shoes. c. True or False: In 2011, you will surely buy more than 12 pairs of shoes.
Subject	business economics

Question

In 2010, you buy shoes for $2 a pair and socks for $1 a pair, and your income is $30, with which you buy 12 pairs of shoes and 6 pairs of socks. In 2011, you buy shoes for $1 a pair and socks for $2 a pair, and your income is still $30. a. Draw both years’ budget lines. Notice that they cross at the point (10, 10). b. True or False: In 2011, you will surely buy more than 10 pairs of shoes. c. True or False: In 2011, you will surely buy more than 12 pairs of shoes.

Subject

business economics

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