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The following plot shows the impact of a change in the price of good A from $100 to $150 on the average consumer. Good Y's
The following plot shows the impact of a change in the price of good A from $100 to $150 on the average consumer. Good Y's price remained constant at $150. Answer the following questions given the numbers in the plot below. 10 . Io -11 7 8 9 10 12 15 X 1. The consumer's budget for X and Y is $ (X,XXX) 2. The substitution effect on consumption of X due to the price increase is X. 3. The income effect on consumption of X due to for the price increase is X. 4. The good is a(n) (inferiorormaleuter) good. 5. The total effect of the price change on consumption of X is X. 6. The substitution effect is (always/sometimesever) negative. 7. The income effect is (always/sometimesever) negative. 8. The MRS before the price increase was - X.XX)
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