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 Civil Engineering Chemical Engineering Electrical & Electronics Mechanical Engineering Computer Engineering Engineering Mathematics MATLAB Other Engineering Digital Electronics Biochemical & Biotechnology

1. A consumer has \$300 to spend on goods X and Y. The market prices of these two goods are Px \$15 and Py \$5.

a. What is the market rate of substitution between goods X and Y?

b. Show how the consumer's opportunity set changes if income increases by \$300. How does the \$300 increase in income alter the market rate of substitution between goods X and Y?

2. A consumer must divide \$ 600 between the consumption of product X and product Y. The relevant market prices are Px = \$10 and Py = \$40.

a. Write the equation for the consumer's budget line.

b. Show how the consumer's opportunity set changes when the price of good X increases to \$ 20. How does this change alter the market rate of substitution between goods X and Y?

Computer Engineering, Engineering

• Category:- Computer Engineering
• Reference No.:- M93125360
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