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The graph below shows Bobby’s preferences and budget for video games and movies. LetM be the quantity of movies and let V be the quantity of video games. Bobby has $1000 of income to spend on video games and movies. Use this information to answer the next four (4) questions. 20 IC1 20 50 45·If the budget line moves from BL1 to BL2, which of the following occurred? a. Price of movies increased from $20 to $50 b. Price of movies decreased from $50 to $20 c. Price of movies increased from $0.40 to $1 d. Price of movies decreased from $1 to $0.4 46. If the budget line moves from BL1 to BL2, the movement from represents the substitution effect. a. b. c. d. Point A to point B Point B to point A Point C to point D Point D to point C 47·If the budget line moves from BL1 to BL2, the movement from represents the income effect. a. b. c. d. Point A to point C Point C to point A Point B to point D Point D to point B
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