Fig.7 graph different budget constraint changes for apples and oranges. 26. Whic

Question

Fig.7 graph different budget constraint changes for apples and oranges. 26. Which panel in Fig. 7 Shows the Combined effect of an increase in the price of oranges and an increase in Income other things constant? a. panel 1 b. panel 2?an Increase in the price of oranges makes the budget flatter: increase In income pushe it out c. panel 3 d. panel 4 e. panel 5 27. Which panel in Fig. 7 shows a decrease in the price of oranges and a decrease in the price of apples, ot things constant? a. panel I b. panel2 c.panet3 d. panel4 e. panel 5?the vertical and horizontal intercepts move outward 28. Which panel in Fig. 7 shows the effect of a subsidy on oranges other things constant? a. panel I b. panel2 c. panel 3 d. panel4 e. panel 5

Explanation / Answer

1) panel 4

2) panel 5

3) panel 3

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