Suppose that a consumer has 375 to spend in good x and good, Ask an Expert

Economics

Suppose that a consumer has $375 to spend in good X and good Y.The price of good Xis $25 and the price of good Y is $75. 1)write down the consumer`s budget constraint.What is the Maximum quantity of good X he can afford?What is the maximum quantity if good Y he can afford? 2)Draw a graph of the budget constraint. 3)Now suppose the price of good Y increase from $75 to $125 but the price of good X stays the same,write down the new budget constraint and graph it.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91845663

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