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5. A consumer decides not to buy a VCR when her income is $20,000. However, when her income rises to $30,000, she decides to buy
5. A consumer decides not to buy a VCR when her income is $20,000. However, when her income rises to $30,000, she decides to buy one. In a single diagram, draw the budget lines and indifference curves to illustrate this situation (assume the VCR costs $300 in both time periods). Be sure to label your diagram completely
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Here is the labeled diagram illustrating the budget lines and indifference curves for the situation ...
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Managerial Economics
Authors: Paul Keat, Philip K Young, Steve Erfle
7th edition
978-0133020267
