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Get Full Access to World History: Patterns Of Interaction - 1 Edition - Chapter Chapter 15 - Problem 4
Get Full Access to World History: Patterns Of Interaction - 1 Edition - Chapter Chapter 15 - Problem 4

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# Ghana

ISBN: 9780547034751 495

## Solution for problem 4 Chapter Chapter 15

World History: Patterns of Interaction | 1st Edition

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Ghana

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Econ 2020 Exam 3 Lect. 2-4 [definition formula relationships between variables] {Lecture 2}  Factors that can change the budget line (cont.) o 3. Price of X- a change in the price causes a rotation of the budget line o  Question #3: What do we buy first o Vacation vs. Cheeseburger  MU of vacation = 50,000 utils  MU of cheeseburger = 20 utils  P of vacation = \$5,000  P of cheeseburger = \$1  MU /vP =v50,000 / 5,000 = 10  MU /cP =c20 / 1 = 20 o Utility maximization rule (aka consumer equilibrium)  For utility max, the consumer must get t he same amount of utility from the last dollar spent on ea

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