Consider the following graph which represents a consumer's budget constraint and indifference curves for goods A and B. How much of good B will the consumer choose if they are rational? Quantity of B 2 10 20 30 Quantity of A

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Q: (a) Express output per person, y =Y/L, as a function of capital per person, k =K/L.

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A: Perfectly competitive market refers to a type of market in which there are a large number of buyers…