Suppose Alphonsos town raises the price of bus tickets from $0.50 to $1 and the price of
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Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers rises from $2 to $4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso’s weekly spending money increases from $10 to $20. How is his budget constraint affected from all three changes? Explain.
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Lets analyze the impact of the changes in the price of bus tickets and burgers and the increase in Alphonsos weekly spending money on his budget const...View the full answer
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Muhammad Umair
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