Illustrate the effect of cheaper phones in the Philippines that is described in the Application Smoking Versus
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(a) Indiffe rence Curves and Budget Constraints 12.0 Price-consumption curve 5.2 4.3 2.8 L' (P, = $12) L2 (P,= $6) L3 (P,- $4) Beer, Gallons per year 26.7 44.5 58.9 (b) Demand Curve 12.0 6.0 4.0 D', Demand for beer Beer, Gallons per year 26.7 44.5 58.9 P, $ per unit G Wine, Gallons per year
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