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Author Question: When isolating the substitution effect of a change in an individual's budget constraint, _____ is ... (Read 240 times)

bb

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on: Jul 1, 2018
When isolating the substitution effect of a change in an individual's budget constraint, _____ is held constant.
 
  a. utility
  b. budget
  c. income
   d. consumption

Question 2

The utility maximizing consumption bundle for an individual can be found by locating _____.
 
  a. the individual's bliss point
  b. any point on an indifference curve touching the budget constraint
  c. the highest point on an individual's indifference curve
   d. the point tangent to an individual's budget constraint


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Heffejeff

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

d


bb

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

AngeliqueG

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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