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Gabriel has a weekly income (N) of $50, which he uses to purchase cupcakes (C) and tea (T). The price of a cupcake is $1
Gabriel has a weekly income (N) of $50, which he uses to purchase cupcakes (C) and tea (T). The price of a cupcake is $1 and the price of tea is $2.50. Suppose Gabriel's income drops to $25 and the prices of cupcakes and tea each fall to one-half their initial prices. One would expect Gabriel's budget line to
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Economics
Authors: John Sloman, Jon Guest, Dean Garratt
10th edition
1292187859, 9781292187907 , 978-1292187853
