Question: A consumer's budget set for two goods (X and Y is 700 5X+2Y. a. The budget set is illustrated below. What are the values

A consumer's budget set for two goods (X and Y is 700 5X+2Y. a. The budget set is illustrated below. What are the values

A consumer's budget set for two goods (X and Y is 700 5X+2Y. a. The budget set is illustrated below. What are the values of A and B? Good Y Good X B A = B = b. Does the budget set change if the prices of both goods double and the consumer's income also doubles? 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? +A

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