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Llanis Llanis
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6 years ago
Suppose that left shoes and right shoes must be purchased separately. Ingrid needs an equal number of each type of shoe and has a budget of $100 for shoes. Left shoes always cost $1. If right shoes cost $19 each, how many of each will Ingrid buy? If the price of right shoes increases to $49 each, how will Ingrid react? Explain your answer by drawing the indifference curves-budget lines.
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Microeconomics

Microeconomics


Edition: 6th
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#1
6 years ago
See the above figure. Since Ingrid needs an equal number of each type of shoe, left shoes and right shoes are perfect complements. If right shoes are $19 each, Ingrid purchases 5 pairs of shoes. If right shoes are $49 each, Ingrid purchases 2 pairs.
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