Your local coffee shop charges $0.75 per ounce of coffee, and you devote at most $25...

Your local coffee shop charges $0.75 per ounce of coffee, and you devote at most $25 per week for coffee.

(a) Graph your budget constraint.

(b) What is the opportunity cost of coffee?

(c) Your coffee shop has some left over holiday coffee that it wants to get rid of. It decides to charge $0.50 per ounce for coffee beyond 7 ounces. Graph your new budget constraint.

Please help with a, b and c

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Expert Solution

Rahul Sunny answered 1 year ago

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