Given a budget constraint (or income) of $40, use the below table to find when a consumer would be in "consumer equilibrium". Like the example on Canvas (& the textbook), we assume there are only two goods, X and Y. The price of X is $6 per unit and the price of Y is $4 per unit. Explain your answer; that is, why have you concluded that--given your answer--the consumer is in equilibrium? (Be sure to show how you got your answer) Units MUX MUy. 1 56 40 32 28 3 4 18 12 12 8 6 20 24
Given a budget constraint (or income) of $40, use the below table to find when a consumer would be in "consumer equilibrium". Like the example on Canvas (& the textbook), we assume there are only two goods, X and Y. The price of X is $6 per unit and the price of Y is $4 per unit. Explain your answer; that is, why have you concluded that--given your answer--the consumer is in equilibrium? (Be sure to show how you got your answer) Units MUX MUy. 1 56 40 32 28 3 4 18 12 12 8 6 20 24
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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