C. Given the following indifference curves, the budget and the prices of goods X and Y, at what point is the optimal choice? Explain your answer. d. Suppose that the budget doubles or increases to PHP 1,000, and all other factors remain constant, what happen to the budget line? How about the new optimal choice? Explain your answer.

C. Given the following indifference curves, the budget and the prices of goods X and Y, at what point is the optimal choice? Explain your answer. d. Suppose that the budget doubles or increases to PHP 1,000, and all other factors remain constant, what happen to the budget line? How about the new optimal choice? Explain your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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