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Carlos can buy either sushi or eggrolls. If the prices of sushi and eggrolls triple and Carlos's ...

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Carlos can buy either sushi or eggrolls. If the prices of sushi and eggrolls triple and Carlos's ...

Question 1.

Carlos can buy either sushi or eggrolls. If the prices of sushi and eggrolls triple and so does Carlos's money income, we can deduce that Carlos's budget constraint will

▸ shift in but remain parallel to the old one.

▸ shift out but remain parallel to the old one.

▸ swivel in so that the slope of the budget constraint is tripled.

▸ remain unchanged.

Question 2.

Carlos can buy either sushi or eggrolls. If the prices of sushi and eggrolls triple and Carlos's money income doubles, we can deduce that Carlos's budget constraint will

▸ shift in but remain parallel to the old one.

▸ shift out but remain parallel to the old one.

▸ swivel in so that the slope of the budget constraint is doubled.

▸ remain unchanged.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 69 times

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