Joseph earns $200 per week and spends his entire income on cheese (which costs $5 per pound) and crackers (which cost $2 per box). Draw Joseph's budget constraint. If the price of cheese increases to $8 per pound, what will happen to Joseph's budget constraint?

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The Answer of Joseph earns $200 per week and spends his entire income on cheese (which costs $5 per pound) and crackers (which cost $2 per box). Draw Joseph's budget constraint. If the price of cheese increases to $8 per pound, what will happen to Joseph's budget constraint?

Joseph Earns $200 Per Week and Spends His Entire Income