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During his first year at school, Ximing buys eight new college textbooks at a cost of $50 each. Used books cost $30 each.
During his first year at school, Ximing buys eight new college textbooks at a cost of $50 each. Used books cost $30 each. When the bookstore announces a 20% price increase in new texts and a 10% increase in used texts for the next year, Ximing's father offers him $80 extra. Is Ximing better off, the same, or worse off after the price change? WhyPat eats eggs and toast for breakfast and insists on having three pieces of toast for every two eggs he eats. Derive his utility function. If the price of eggs increases but we compensate Pat to make him just as "happy" as he was before the price change, what hap- pens to his consumption of eggs? Draw a graph and explain your diagram. Does the change in his con- sumption reflect a substitution or an income effect?
