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Last Year,the Price of Heating Oil Was $4 Per Gallon,and

Question 51

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Last year,the price of heating oil was $4 per gallon,and Jonetta purchased 100 gallons of heating oil.This year,the price of heating oil falls to $3 per gallon while Jonetta's income is unchanged.Jonetta decides to share her good fortune by giving her retired father a gift of $100.Consider an indifference curve-budget line diagram with heating oil on the horizontal axis and "all other goods" on the vertical axis.
Last year,the price of heating oil was $4 per gallon,and Jonetta purchased 100 gallons of heating oil.This year,the price of heating oil falls to $3 per gallon while Jonetta's income is unchanged.Jonetta decides to share her good fortune by giving her retired father a gift of $100.Consider an indifference curve-budget line diagram with heating oil on the horizontal axis and all other goods on the vertical axis.

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