As a college student you work at a part-time job, but your parents also send you a
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As a college student you work at a part-time job, but your parents also send you a monthly “allowance.” Suppose one month your parents forgot to send the check. Show graphically how your budget constraint is affected. Assuming you only buy normal goods, what would happen to your purchases of goods?
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This is a negative income effect Because your parents ...View the full answer
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