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Suppose that Dr. Slight has $100 to spend on goods X and Y. Each good costs $1. Dr. Slight’s preferences are such that he will exchange one unit of Y for two units of X to maintain his wellbeing, regardless of how much of each he is currently consuming.
a) Will a change in income cause him to substitute X for Y, Y for X, or neither?
b) Are X and Y perfect complements or perfect substitutes? Explain how you know.
c) Graph Dr. Slight’s budget constraint and preference mapping Make sure to highlight the optimal bundle.
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