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1)When the price of gas is $1/gal., you consume 1000 gallons of gas. 2 things happen: 1) the price of gas increases to $2/gallon, and

1)When the price of gas is $1/gal., you consume 1000 gallons of gas. 2 things happen: 1) the price of gas increases to $2/gallon, and 2) your uncle leaves you a bequest of $1000/year. Nothing else changes. Do these two changes make you better off than you were before? Using budget constraint and indifference curves, explain.

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