ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Gabriel has a weekly income (N) of $50, which he uses to purchase cupcakes (C) and tea (7). The price of a cupcake is $1,
and the price of tea is $2.50. Suppose Gabriel's income increases to $100, and the prices of both cupcakes and tea remain
unchanged. Given this income change, one would expect Gabriel's budget line to:
O shift to the right.
shift to the left.
rotate around the tea axis point.
not be affected.
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Transcribed Image Text:Gabriel has a weekly income (N) of $50, which he uses to purchase cupcakes (C) and tea (7). The price of a cupcake is $1, and the price of tea is $2.50. Suppose Gabriel's income increases to $100, and the prices of both cupcakes and tea remain unchanged. Given this income change, one would expect Gabriel's budget line to: O shift to the right. shift to the left. rotate around the tea axis point. not be affected.
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