ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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  • Plot each of the bundles from parts AC on a graph that measures avocadoes on the horizontal axis and loaves of bread on the vertical axis, connect the dots to find Matt’s budget constraint.
  • Show what happens to the budget constraint if his income falls to $100, (prices do not change).
  • Show what happens to the budget constraint if price of avocado rises to Pa = $2 per avocado, (income and price of loaves of bread did not change).
loaves of bread
30
20
10
0
20
40
60
80
100
120
Quantity of Avocadoes
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Transcribed Image Text:loaves of bread 30 20 10 0 20 40 60 80 100 120 Quantity of Avocadoes
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