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Suppose a consumer has $600 to spend on two goods, Good X and Good Y. The price of Good X is given by PX = $20. The price of Good Y is given by PY = $15. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and accurately. What is the slope of the budget constraint?

Suppose a consumer's preferences can be represented by the utility function U(X,Y) = X*Y. Also, suppose the consumer has $150 to spend and the price of Good X is PX = $2 and the price of Good Y is PY = $3. If the consumer maximizes their utility subject to their budget constraint, how much of Good X and how much of Good Y will the consumer purchase?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946799

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