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Budget constraint and indifference curves for pizza

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Reference no: EM132519563

Draw a budget constraint and indifference curves for pizza and Pepsi. Show what happens to the budget constraint and the consumer's optimum when the price of pizza falls. In your diagram, decompose the change into an income effect and a substitution effect. (Hint: Both goods are normal good. Consider Pepsi on X-axis, Pizza on Y-axis)

Reference no: EM132519563

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