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The following plot shows the impact of a change in the price of good x from $ 1 0 0 to $ 1 5 0
The following plot shows the impact of a change in the price of good from $ to $ on the average consumer. Good s price remained constant at $ Answer the following questions given the numbers in the plot below. The consumer's budget for and is $ The substitution effect on consumption of due to the price increase is The income effect on consumption of due to for the price increase is The good is inferiornormalneuter good. The total effect of the price change on consumption of is The substitution effect is alwayssometimesnever negative. The income effect is alwayssometimesnever negative. The MRS before the price increase was xxx The MRS after the price increase was
The following plot shows the impact of a change in the price of good from $ to $ on the average consumer. Good s price
remained constant at $ Answer the following questions given the numbers in the plot below.
The consumer's budget for and is $
The substitution effect on consumption of due to the price increase is
The income effect on consumption of due to for the price increase is
The good is
inferiornormalneuter good.
The total effect of the price change on consumption of is
The substitution effect is
alwayssometimesnever negative.
The income effect is
alwayssometimesnever negative.
The MRS before the price increase was
xxx
The MRS after the price increase was
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