4 Problem 04-09 (algo) A consumer's budget set for two goods (X and Y) Is 1,000 2 4X + 5Y. 8.33 a. The budget set is illustrated below. What are the values of A and B? points Good Y Boo Print References Good X A = b. Does the budget set change if the prices of both goods double and the consumer's income also doubles? No, It does not change O Yes, It rotates clockwise O Yes, It shifts out from the origin O Yes, It shifts In toward the origin c. Given the equation for the budget set, what are the prices of the two goods? Good X: $ Good Y: $[ What is the consumer's Income?\f2 Problem 04-02 8.33 A consumer is In equilibrium at point A In the diagram below. The price of good X Is $5. points GoodY 45 40 =Book 35 30 Print 25 20 References 15 5 20 Good X a. What Is the price of good Y? $ b. What is the consumer's Income? C. At point A, how many units of good X does the consumer purchase? |unitsProblem 04-01 8.33 A consumer has $300 to spend on goods X and Y. The market prices of these two goods are Px = $15 and Py = $5. points a. What is the market rate of substitution between goods X and Y? eBook b. In the graph below: (1) Illustrate the consumer's opportunity set, and (2) Illustrate the consumer's opportunity set for the case where Income Increases by $300. Print Instruction: Graph both opportunity sets from where X = 0 to where they cross the X-axis (two points for each curve). References Opportunity Set 140 Tools 120 Original Oppo Opportunity S 100 80 60 40 20 O 10 20 30 40 50 X