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The human wants for goods, services and resources exceed what is available, is known as

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(II) The consumer has the income m = 50 and prices of the two goods are p 1 = 5 and p2 = 2. (a) Find the budget set of this consumer. What is the opportunity cost of good 2 in terms of good 1? (b) Suppose the price of good 2 increases to p 2' = 10. What is now the budget set. (c) Suppose now that also income increases to m = 250 and that the price of good 1 increases to 25. What is now the budget set? Compare with the budget set you found in (a) and comment!
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