22. Income is $80. Py=$4. Px=$4 Find the optimal bundle
A
B
C
D
E
F
23. Income= $80. Py=$4. The new Px=$8. Find the new optimal bundle.
A
B
C
D
E
F
24.Income=$80, Py=$4. The original Px=$4, the new Px=$8. The total effect of this
C to B
B to C
C to E
A to B
E to A
B to E
None of the answer choices are correct
25.Income=$80, Py=$4. The original Px=$4, the new Px=$8. The substitution effect of this price increase can be deconposed as moving from Point___ to Point___.
A to E
E to A
A to C
C to A
C to B
B to C
None of the answer choices are correct
26. Income=$80, Py=$4. The original Px=$4, the new Px=$8. The income effect of this price increase can be decomposed as moving from Point___ to Point___
A to C
C to A
B to C
C to B
B to E
E to C
None of the answer choices are correct
Step by step
Solved in 2 steps with 1 images
