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Question

incorrect, Exercise 4a

Orange juice and apple juice are known to be perfect substitutes. Draw the appropriate​ price-consumption curve​ (for a variable price of orange​ juice) and the​ income-consumption curve.

Suppose that the marginal utility from a glass of orange juice equals the marginal utility from a glass of apple​ juice, that income equals

​$24.50

​,

and that the price of apple juice is

​$3.50

.

Using the multipoint curve drawing

tool​,

draw the​ price-consumption curve for orange juice in the upper diagram. Label this curve​ 'Price-Consumption Curve'.

Step-by-step answer

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Subject: Business, Economics

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