Illustrate the effect of cheaper phones in the Philippines that is described in the Application Smoking Versus

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Illustrate the effect of cheaper phones in the Philippines that is described in the Application €œSmoking Versus Eating and Phoning€ using a figure similar to Figure 5.1.

(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

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Microeconomics

ISBN: 978-0134519531

8th edition

Authors: Jeffrey M. Perloff

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