Write the equation of the budget constraint
Problem: Victor spends all of his income of $240 per month on shirts and hats. The price of a shirt is $40 and the price of a hat is $30.
Write the equation of the budget constraint:
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The price of a shirt is $40 and the price of a hat is $30. Write the equation of the budget constraint:
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How would you go about collecting data on these variables - survey or use available data or collect data in a lab setting?
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