Problem
Oscar consumes two goods, wine and cheese. His weekly income is $500
a. Describe Oscar's budget constraints under the following conditions:
· Wine costs $10/bottle, cheese costs $5/ pound;
· Wine costs $10/bottle, cheese costs $10/ pound;
· Wine costs $20/bottle, cheese costs $10/ pound;
· Wine costs $20/bottle, cheese costs $10/ pound, but Oscar's income increases to $1,000/week.
b. What can you conclude by comparing the first and the last of these budget constraints?
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.