question archive Refer to the indifference curve/budget line diagram
Refer to the indifference curve/budget line diagram
Subject:EconomicsPrice: Bought3
Refer to the indifference curve/budget line diagram. Suppose that a consumer initially faces budget line BL1, and thus is able to achieve the utility level associated with IC 1. If py increases, then the substitution effect is the movement from and the income effect is the movement from etceto eto cotoc aceto
