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Unformatted text preview: 4c. iv 5. The first graph shows that the price of hamburgers increased and the price of tacos stayed the same, or income decreased. The second graph shows that the budget decreased or, the price of both tacos and hamburgers increased. The third graph shows that the price of hamburgers stayed the same while the price of tacos decreased. 6a. Engel’s curve 6b. We are willing to give up 3 cheap food units or every 1 environmental quality unit. 7c. 25 video games and 0 movies or 0 video games and 10 movies...
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This note was uploaded on 04/27/2008 for the course AGEC 1103 taught by Professor Popp during the Spring '08 term at Arkansas.
- Spring '08