Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget constraint
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Emilio buys pizza for $10 and lemonade for $2. He has income of $100. His budget constraint will experience a parallel outward shift if which of the following events occur?
a The price of pizza falls to $5, the price of lemonade falls to $1, and his income falls to $50 b The price of pizza rises to $20, the price of lemonade rises to $4, and his income remains the same c The price of pizza falls to $8, the price of lemonade falls to $1, and his income rises to $120 d The price of pizza rises to $20, the price of lemonade rises to $4, and his income rises to $400
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Related Book For
Principles Of Microeconomics [Australia And New Zealand Edition]
ISBN: 9781337408066
6th Edition
Authors: Joshua Gans, Stephen King, Martin Byford, N. Gregory Mankiw
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