EBK STUDY GUIDE FOR MANKIW'S PRINCIPLES
7th Edition
ISBN: 8220103455312
Author: Mankiw
Publisher: Cengage Learning US
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Chapter 12, Problem 5QCMC
To determine
Contribution of top 1% of the income distribution in the federal taxes.
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(Figure: Good Y and Good X) Suppose the budget constraint shifted from constraint 2 to constraint 1. What could have caused this change?
Quantity of
good Y
18
16
14
Budget constraint 2
12-
10
8
Budget constraint 1
6
4
2
0
2 4 6 8 10 12 14 16 18 20 Quantity of good X
an increase in income and an decrease in the price of good X relative to that of good Y
a decrease in income
an decrease in the price of good X and no change in the price of Y
a decrease in income and an increase in the price of good X relative to that of good Y
an increase in income
a decrease in the price of good X relative to that of good Y
Chapter 12 Solutions
EBK STUDY GUIDE FOR MANKIW'S PRINCIPLES
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