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Originally Py is $120 and P, is $80. True or false: If Py increases by $18 and
Py increases by $12, the new budget line will be shifted inward and parallel to
the old budget line. Explain. (LO1)
Martha has $150 to spend each week and cannot borrow money. She buys
malted milk balls and the composite good. Suppose that malted milk balls cost
$2.50 per bag and the composite good costs $1 per unit. (L01)
a. Sketch Martha's budget constraint.
b. What is the opportunity cost, in terms of bags of malted milk balls, of an
additional unit of the composite good?
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Mathematics Responses
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Mathematics Responses
Q1.
The statement provided is true because if the price of good X increases by $18 and that of good
Y increases by $12, the budget line will shift inwardly and parallel to the initial budget line. The
reaso...
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