(Answered) Price of good x is 50a what is the consumers income on

Engineering

Price of good X is $50.

(a) What is the consumer's income on budget line B₁?

(b) What is the price of good Y on Budget line B₁?

(d) What is the consumer's marginal rate of substitution when she is at equilibrium at point A?

(e) What are the prices of X and Y on budget line B₂? You may assume that the income is the same as budget line B₁.

(f) What are the prices of X and Y on budget line B3. You may assume that the income is the same as budget line B₁.

(g) Assume that the prices remain at the levels indicated by B₁. However, income increases such that the budget line changes from B₁ to B₃. What is the income level at B₃?

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