Howard spends all of his income on magazines and novels. Illustrate each of the following situations on
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a. When the price of magazines rises, Howard buys fewer magazines and more novels.
b. When Howard’s income rises, he buys more magazines and more novels.
c. When Howard’s income rises, he buys more magazines but fewer novels.
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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