Question

A consumer’s budget set for two goods (X and Y) is ≥ 600 3X + 6Y.
a. Illustrate the budget set in a diagram.
b. Does the budget set change if the prices of both goods double and the consumer’s income also doubles? Explain.
c. Given the equation for the budget set, can you determine the prices of the two goods? The consumer’s income? Explain.



$1.99
Sales2
Views346
Comments0
  • CreatedApril 18, 2014
  • Files Included
Post your question
5000