Multiple Choice
Murphy used to consume 100 units of X and 50 units of Y when the price of X was $2 and the price of Y was $4.If the price of X rose to $4 and the price of Y rose to $9, how much would Murphy's income have to rise so that he could still afford his original bundle?
A) $700
B) $450
C) $350
D) $1,050
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q16: Eduardo spends his entire income on 9
Q17: In the economy of Mungo, discussed in
Q18: Clara spends her entire budget and consumes
Q19: While traveling abroad, Tammy spent all of
Q20: There are 3 goods.The price of good
Q22: A decrease in income pivots the budget
Q23: This weekend, Martha has time to read
Q24: If all prices double and income triples,
Q25: If she spends all of her income
Q26: This weekend, Martha has time to read