The following figure shows a portion of a consumer's indifference map and budget lines. The price of good Yis $17 and the consumer's income is $7,650. Let the consumer begin in utility-maximizing equilibrium at point A on indifference curve I Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point 8 on indifference curve & The total effect of the change in the price of X is Quantity of good Y 300 150 150 200 300 Quantity of good X

The following figure shows a portion of a consumer's indifference map and budget lines. The price of good Yis $17 and the consumer's income is $7,650. Let the consumer begin in utility-maximizing equilibrium at point A on indifference curve I Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point 8 on indifference curve & The total effect of the change in the price of X is Quantity of good Y 300 150 150 200 300 Quantity of good X

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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