1. an individual's budget suppose bob has a yearly budget of $120 to spend on milk and yogurt. milk is priced at $2 per gallon, and yogurt is priced at $6 per container. if bob spends his entire $120 on milk, he can buy gallons of milk. if he spends his entire $120 on yogurt, he can buy containers of yogurt. use the blue line (circle symbol) to plot bob's budget constraint on the following graph. next, use the orange point (square symbol) to shade the area that represents combinations of milk and yogurt that are affordable for bob. finally, place the black point (plus symbol on the point on bob's budget constraint that corresponds to a scenario in which bob spends $60 on each good. note: dashed drop lines will automatically extend to both axes. 20 110 100 bc ($120) 80 affordable region 60 $60 on each 40 20 bc2($240) 0 10 20 30 40 50 60 70 80 90 100 110 120 milk (gallons) what does the slope of bob's budget constraint represent? the cost of an additional container of yogurt in terms of dollars the cost of an additional gallon of milk in terms of dollars the opportunity cost of an additional container of yogurt in terms of gallons of milk o the opportunity cost of an additional gallon of milk in terms of containers of yogurt suppose bob receives $120 from his grandmother and decides to dedicate this money to buying more milk and yogurt.