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 $154,what is the price of good X
c.If income in panel (a) is $98,what is the price of good Y
d.Assuming that the price of good X is the same on both occasions,describe the difference in income and price of good Y between panel (a) and panel (b).
Definitions:
Break-Even Point
The financial point at which total revenues equal total expenses, resulting in no profit or loss.
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