3. Suppose that you initially have $100 to spend on books or movie tickets. The books start...
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3. Suppose that you initially have $100 to spend on books or movie tickets. The books start off costing $25 each and the movie tickets start off costing $10 each. For each of the following situations, would the attainable set of combinations that you can afford increase or decrease? LO1.4
a. Your budget increases from $100 to $150 while the prices stay the same.
b. Your budget remains $100, the price of books remains $25, but the price of movie tickets rises to $20.
c. Your budget remains $100, the price of movie tickets remains $10, but the price of a book falls to $15.
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Microeconomics Principles, Problems, And Policies
ISBN: 9781259915727
21st Edition
Authors: Campbell McConnell
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