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. Monica always buys one unit of food together The price of food remains unchanged, the price with three units of housing, no matter what the of housing increases by 50 percent, and Mon- prices of these two goods. If food and housing ica's income increases by 25 percent. start with equal prices, decide whether the follow- How might your answers to part e and part d ing events would make her better off or worse off change if Monica were willing to alter her mix of or leave her welfare unchanged food and housing in response to price changes? The prices of food and housing increase by 50 2When there are only two goods, the assumption of percent, with Monica's income unchanged. a diminishing MRS requires that substitution The prices of food and housing increase by 50 effects have price and quantity move in opposite percent, and Monica's income increases by 50 directions for any good. Explain why this is so. Do percent. you think the result holds when there are more The price of food increases by 50 percent, the than two goods? price of housing remains unchanged, and 3. George has rather special preferences for DVD Monica's income increases by 25 percent. rentals. As his income rises, he will increase his