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Assume consumer equilibrium (budget curve and indifference curves). Draw 3 separate scenarios: (1) the price of good x decreases; (2) the price of good y increases; and (3) the budget (income increases). In each scenario, explain the effect on the graphed lines, on the relative price between the goods, and the final consumption of good x and good y (increases or decrease).

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91238389

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