ECN 212 MICROECONOMIC PRINCIPLES FALL FINAL EXAM QNS & ANS 2024 (Complete And Verified Study material) (28pages) LEARNEXAMS
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Consumer Choice Budget Constraint ● People face tradeoffs ○ Can use income on one good or another ○ Fixed income = budget constraint ○ All combinations of two goods (consumption package) a consumer can potentially purchase with their income ○ (P1xQ1) + (P2xQ2) = Income ■ P = price, Q = Quantity ○ ○ A point to the right of the budget constraint represents a consumption package unaffordable to the consumer
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