The CHRIS AND DAVID problem Each day Chris buys 2 coffees and 1 tea. Where Chris resides, coffee is $1 and tea is 50 cents. Each day David buys 1 coffee and 2 teas. Where David resides, coffee is 50 cents and tea is $1. Do Chris and David definitely have different tastes? Draw their budget lines on the same graph. Label the intercepts and consumption bundles. Use indifference curves to determine whether they definitely have different tastes or whether they may have the same tastes.
The CHRIS AND DAVID problem Each day Chris buys 2 coffees and 1 tea. Where Chris resides, coffee is $1 and tea is 50 cents. Each day David buys 1 coffee and 2 teas. Where David resides, coffee is 50 cents and tea is $1. Do Chris and David definitely have different tastes? Draw their budget lines on the same graph. Label the intercepts and consumption bundles. Use indifference curves to determine whether they definitely have different tastes or whether they may have the same tastes.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![The CHRIS AND DAVID problem
Each day Chris buys 2 coffees and 1 tea. Where Chris resides, coffee is $1 and tea
is 50 cents.
Each day David buys 1 coffee and 2 teas. Where David resides, coffee is 50 cents
and tea is $1.
Do Chris and David definitely have different tastes?
Draw their budget lines on the same graph. Label the intercepts and consumption
bundles. Use indifference curves to determine whether they definitely have
different tastes or whether they may have the same tastes.
Please either use a program like PAINT to construct your graph or provide a clear
pic of a well-drawn graph.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F215ae4f5-56cd-4417-abec-5822d70e4e97%2F5bdb6c8d-647d-4a19-adfe-c4d24e6557c2%2Fmytmzzr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The CHRIS AND DAVID problem
Each day Chris buys 2 coffees and 1 tea. Where Chris resides, coffee is $1 and tea
is 50 cents.
Each day David buys 1 coffee and 2 teas. Where David resides, coffee is 50 cents
and tea is $1.
Do Chris and David definitely have different tastes?
Draw their budget lines on the same graph. Label the intercepts and consumption
bundles. Use indifference curves to determine whether they definitely have
different tastes or whether they may have the same tastes.
Please either use a program like PAINT to construct your graph or provide a clear
pic of a well-drawn graph.
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