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Assume that Fred consumes only two goods:waffles and ramen.Use a budget constraint and indifference curves to illustrate the impact of a tax on waffles.Is Fred

Assume that Fred consumes only two goods:waffles and ramen.Use a budget constraint and indifference curves to illustrate the impact of a tax on waffles.Is Fred happier or sadder after the imposition of the tax on waffles?Does he buy more or fewer waffles after the tax?Does he buy more or less ramen after the tax?

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