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## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

Suppose you consume nothing but goods X and Y. We have two years?of data regarding your consumption and income:

Year 1:
I = \$10 per week; PX = \$1 per unit; PY = \$1 per unit.
Your consumption: X = 6 units; Y = 4 units.

Year 2:
I = \$20 per week; PX = \$2.50 per unit; PY = \$1.25 per unit.

(a) In which year are you happier? Show your result on a graph using indifference curves.

(b) In which year do you consume more Y? This should be obvious from your graph in (a), assuming your graph is correct.

Microeconomics, Economics

• Category:- Microeconomics
• Reference No.:- M948224

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