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Suppose that Lynn enjoys coconut oil in her coffee.  She has very particular preferences, and she must have exactly two spoonfuls of coconut oil for each cup of coffee.  Let C be the number of cups of coffee, and O be the number of spoonfuls of coconut oil.  Also, let PC be the price of a cup of coffee.  Suppose Lynn has $12 to spend on coffee and coconut oil.  Also, the price of coconut oil is $.50 per spoonful.

a) Graph Lynn's Price Consumption Curve for prices, PC = $1, PC = $2, and PC = $3.  Please put the number of cups of coffee on the horizontal axis, and the number of spoonfuls of coconut oil on the vertical axis.  Be sure to label your graph carefully and accurately.

b) Graph Lynn's demand curve for coffee.  You may assume that both coconut oil and coffee are continuous variables so she can consume any amount of coffee and coconut oil that she could afford.  Be sure to label your graph carefully and accurately.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91967771
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