Suppose the price of cheese has recently risen from $4 to $6 per pound,while the price of fruit has fallen from $8 to $6 per pound.During this time,Miguel's income has stayed fixed at $48 per week.Before the price changes,Miguel had been buying 4 pounds of cheese and 4 pounds of fruit per week.Since the price changes,he has been buying 2 pounds of cheese and 6 pounds of fruit weekly.Assuming Miguel's preferences have not changed,is it possible to say whether the price changes have made Miguel better off or worse off? Explain.

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The Answer of Suppose the price of cheese has recently risen from $4 to $6 per pound,while the price of fruit has fallen from $8 to $6 per pound.During this time,Miguel's income has stayed fixed at $48 per week.Before the price changes,Miguel had been buying 4 pounds of cheese and 4 pounds of fruit per week.Since the price changes,he has been buying 2 pounds of cheese and 6 pounds of fruit weekly.Assuming Miguel's preferences have not changed,is it possible to say whether the price changes have made Miguel better off or worse off? Explain.

Suppose the Price of Cheese Has Recently Risen from $4