As the gas price hit $4 a gallon, commuters in New York and Boston switched from cars
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As the gas price hit $4 a gallon, commuters in New York and Boston switched from cars to public transit, with ridership rising 5 percent.
Explain the effect of a rise in the price of gasoline on a commuter’s budget line and the quantities of gasoline and public transit services purchased.
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The budget line of a consumer represents all the combinations of goods or services that they can afford with their disposable income On a simple twogo...View the full answer
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