2. Tim buys 2 smoothies and sees 1 movie a week when he has $16 to spend,...

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2. Tim buys 2 smoothies and sees 1 movie a week when he has $16 to spend, the price of a movie ticket is $8, and the price of a smoothie is $4. What is the relative price of a movie ticket? If the price of a movie ticket falls to $4, how will Tim’s consumption possibilities change? Explain.

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Foundations Of Microeconomics

ISBN: 9780134491981

8th Edition

Authors: Robin Bade, Michael Parkin

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