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(Solved): 3. Assume that a consumer faces the following budget constraints: a. Assuming that income is the ...



3. Assume that a consumer faces the following budget constraints: a. Assuming that income is the same on both occasions, describe the difference in relative prices between panel (a) and panel (b). b. If income in panel (b) is $126, what is the price of good X? c. If income in panel (a) is $84, what is the price of good Y?



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