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Going to concerts and reading books take time and money. Suppose a book costs $12 and takes 4 hours to read and a concert costs $40 and takes 5 hours. For a person with $100 to spend and 20 hours for these activities: a. What is the maximum number of books this person can read in that time? b. What is the maximum number of concerts this person can attend? c. Sketch the budget constraint. d. On the same graph, sketch the time constraint. What would be the choice set?
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