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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. prepare the equation for the consumer's budget line.
Y=_______ + _________
b. In the graph below, illustrate the consumer's opportunity set,
c. In the same graph, illustrate the consumer's opportunity set when the price of good X increases to $20.

How does this change alter the market rate of substitution between goods X and Y?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939656

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