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Jones spends all his income on two goods: X and Y. The prices he paid and the quantities he consumed last year are as follows:
Jones spends all his income on two goods: X and Y. The prices he paid and the quantities he consumed last year are as follows: PX = 15, X = 20, PY = 25, and y = 30. This year the prices have changed (PX 5 15 and PY 5 20), and Jones's income is now $900. Assuming his tastes have not changed, in which year was Jones better off, last year or this
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