Problem
1. What is a budget constraint?
2. What determines the slope of a budget constraint? What situation would change the slope of a budget constraint?
3. What do we call the bundle represented by the point of tangency between the consumer's indifference curve and her budget constraint?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.