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22-02-2024
Business

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Suppose a consumer has an income of $40 that is spent on two goods: X and Y. The price of good X is $1.00 and the price of good Y is $3.00. Which of the following bundles of X and Y lie on the individuals budget constraint?
a. 8X and 6Y
b. 6X and 8Y
c. 8X and 16Y
d. 12X and 4Y
e. 16X and 6Y

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