How to adjust the consumption to return to equilibrium

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Reference no: EM13189307

1. Yesterday you were consuming 4 eggs and 2 strips of bacon. Today you are consuming 3 eggs and 3 strips of bacon. If you have the same taste what might have caused this change? Are you better or worse off?

2. Suppose that you consume two goods X and Y. You are initially in equilibrium, and the price of good X rises. How would you adjust your consumption to return to equilibrium?

Reference no: EM13189307

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