ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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A
consumer's budget set for two goods (X and Y) is 600 z 3X+6Y.
a. The budget set is illustrated below. What are the values of A and B?
A=
B=
Good Y
00
b. Does the budget set change if the prices of both goods double and the consumer's income also doubles?
Yes, It shifts out from the origin.
Yes, it rotates clockwise.
No, it does not change.
Yes, It shifts in toward the origin.
Good Y: $
Good X
c. Given the equation for the budget set, what are the prices of the two goods?
Good X: $
$
What is the consumer's income?
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Transcribed Image Text:A consumer's budget set for two goods (X and Y) is 600 z 3X+6Y. a. The budget set is illustrated below. What are the values of A and B? A= B= Good Y 00 b. Does the budget set change if the prices of both goods double and the consumer's income also doubles? Yes, It shifts out from the origin. Yes, it rotates clockwise. No, it does not change. Yes, It shifts in toward the origin. Good Y: $ Good X c. Given the equation for the budget set, what are the prices of the two goods? Good X: $ $ What is the consumer's income?
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