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Assume That a Consumer Faces the Following Budget Constraints

Question 310

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Assume that a consumer faces the following budget constraints. Assume that a consumer faces the following budget constraints. a. Assuming that income is the same on both occasions,describe the difference in relative prices between Panel A and Panel B. b. If income in Panel B is $126,what is the price of good X? c. If income in Panel A is $84,what is the price of good Y? d. Assuming that the price of good X is the same on both occasions,describe the difference in income and price of good Y between Panel A and Panel B.
a.
Assuming that income is the same on both occasions,describe the difference in relative prices between Panel A and Panel B.
b.
If income in Panel B is $126,what is the price of good X?
c.
If income in Panel A is $84,what is the price of good Y?
d.
Assuming that the price of good X is the same on both occasions,describe the difference in income and price of good Y between Panel A and Panel B.

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a.
The price of good Y is relatively hig...

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