Walking down an unfamiliar street one day, you come across an old-fashioned candy store. They…

Walking down an unfamiliar street one day, you come across an old-fashioned candy store. They…

Walking down an unfamiliar street one day, you come across an old-fashioned candy store. They have red hots five for one penny, and rock candy—one small piece for one penny. You decide to purchase some for yourself and your friends, but you find that you have only $1.00 in your pocket. Construct your opportunity set both geometrically and algebraically. Draw in your indifference map (set of indifference curves). Explain why you have drawn your indifference curves as you have drawn them.

 

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