Question

1. A person has $ 100 to spend on two goods X and Y whose respective prices are $3 and $5
a. Draw the budget line.
b. What happens to the original budget line if the budget falls by 25%?
c. What happens to the original budget line if the price of X doubles?
d. What happens to the original budget line if the price of Y falls to $4?

Answer 1

Answer:

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