Suppose that the price of commodity Y is $ 20 per unit while the price of commodity X is $ 15 per unit and suppose that an individual’s money income is $ 100 per period and is all spent on X & Y. Draw the budget constraint line for this consumer at the initial point. 2. If the price of X decreases to $10, incorporate BL2 showing change in the Budget line
Suppose that the price of commodity Y is $ 20 per unit while the price of commodity X is $ 15 per unit and suppose that an individual’s money income is $ 100 per period and is all spent on X & Y. Draw the budget constraint line for this consumer at the initial point. 2. If the price of X decreases to $10, incorporate BL2 showing change in the Budget line
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 2SQP
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Suppose that the
per unit and suppose that an individual’s money income is $ 100 per period and is all spent on X & Y.
- Draw the budget constraint line for this consumer at the initial point.
2. If the price of X decreases to $10, incorporate BL2 showing change in the Budget line.
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