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Suppose you consume nothing but goods X and Y. We have two years?of data regarding your consumption and income:

Year 1:
I = $10 per week; PX = $1 per unit; PY = $1 per unit.
Your consumption: X = 6 units; Y = 4 units.

Year 2:
I = $20 per week; PX = $2.50 per unit; PY = $1.25 per unit.

(a) In which year are you happier? Show your result on a graph using indifference curves.

(b) In which year do you consume more Y? This should be obvious from your graph in (a), assuming your graph is correct.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948224

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