Given the following budget line, (M = Pf F + Ps S) show the following by reformulating the equation. Assume f (food) is on the horizontal axis and S (shelter) is on the vertical axis.
a. The vertical intercept is __________
b. The horizontal intercept is __________
c. The slope of the budget line is ___________
44.If the price of train rides is 1 and the price of food is 10, and the MRS of food for train rides expressed by Karl is 5, is Karl a utility maximizer? How do you know? If Karl is not maximizing, what should he do to improve his situation?
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