Question: A consumer's budget set for two goods ( X and Y ) is 900 6 X + 3 Y . a. The budget set is
A consumer's budget set for two goods (X and Y) is 900 6X + 3Y.
a. The budget set is illustrated below. What are the values of A and B?
b. Does the budget set change if the prices of both goods double and the consumer's income also doubles?
multiple choice
- Yes, it shifts in toward the origin
- Yes, it shifts out from the origin
- Yes, it rotates clockwise
- No, it does not change
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?
$
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