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A person has $120 to spend on two goods (x,y), who respective prices are $4 and $5.
(A) Draw a budget line showing all the different combinations of the two goods that can be bought with the given budget.
(B) What happens to the original budget line if the person's income doubles to $240?
(C) What happens to the original budget line if the price of goods x doubles, while the price of goods y falls to $3? Demonstrate them with graphs.
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