400350Y300250 B4200150100500B30 12(d) has been cut in halfO(e) has doubledB1B204. If the budget line changed from B1 to B3, then the price of X(a) has decreased(b) has increasedO (c) has not changed3 4 5 6 78X

Budget line represents the total amount that is available for the consumer to spend on the two…

Answered: 04. If the budget line changed from B1…

04. If the budget line changed from B1 to B3, then the price of X (a) has decreased (b) has increased O (c) has not changed (d) has been cut in half 6 O(e) has doubled 8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

400
350
Y
300
250 B4
200
150
100
50
0
B3
0 1
2
(d) has been cut in half
O(e) has doubled
B1
B2
04. If the budget line changed from B1 to B3, then the price of X
(a) has decreased
(b) has increased
O (c) has not changed
3 4 5 6 7
8
X

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