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If an inferior good like cheap M/D 20-20 wine is measured on the horizontal axis while the more expensive normal good vintage is
If an "inferior good" like cheap M/D 20-20 wine is measured on the horizontal axis while the more expensive " normal good " vintage is on the vertical, and your budget is $50.00, what happens if your budget is now only $35.00? Meaning draw a "new " Indifference Curve and budget constraint, and describe which of the two you'd consume more of and why
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Microeconomics Theory and Applications
Authors: Edgar K. Browning, Mark A. Zupan
12th edition
9781118920060, 1118758870, 1118920066, 978-1118758878
