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Budget constraint
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-4-the-opportunity-set #study-session-4-microeconomics-analysis

Smith has $60 to spend on bread and wine per month, the price of a slice of bread is $0.50, and the price of an ounce of wine is $0.75.

She could buy 120 slices of bread with all her income or up to 80 ounces of wine.

She can spend half her income on each good (60 slices of bread and 40 ounces of wine)
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