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?

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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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