I've already done most of this problem and need help with one small part.
Here's the problem:
Elizabeth makes $200 a week and spends her entire income on shoes and jeans. She also insists that for every pair of jeans she buys, she must also buy a pair of shoes (without the shoes the jeans are worthless). Therefore she buys the same number of pairs of shoes and jeans in any given week.
(a) If jeans cost $20 and shoes cost $20, how many will she buy of each?
(b) Suppose that the price of jeans rises to $30 a pair. How many shoes and jeans will she buy? (c) Graph the budget constraints for (a) and (b) and draw Elizabeth's indifference curves for the above.
I've done this (see prob. 3.1 a-d on attachment) and am having trouble with the questions below:
Now we look at Elizabeth's demand curve for jeans. First, calculate how many pairs of jeans she will choose to buy if prices are $30, $20, $10, or $5. Graph her demand curve for jeans.© BrainMass Inc. brainmass.com October 25, 2018, 3:05 am ad1c9bdddf
The question is asking you to create a graph of price quantity for jeans. In other words, holding the price of shoes constant at $20, how many jeans will she buy at each price? First we need to find the quantity at different prices, then we ...
Creation of an individual's demand curve for jeans and shoes.
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