Question 20 When the budget line shifts from blue to red: Good X B (75X, ?Y) C(?X, ?Y A (55X, ?Y) Budet Line incomes00, Pss, Ps1s Bulet Line income soo, Ps10, PSs Good Y The slope of the budget line increases. The budget line gets steeper. The price of Good X rises. The price of Good Y rises. Monetary income increases. O The relative price of Good X increases. The relative price of Good Y increases.

Question 20 When the budget line shifts from blue to red: Good X B (75X, ?Y) C(?X, ?Y A (55X, ?Y) Budet Line incomes00, Pss, Ps1s Bulet Line income soo, Ps10, PSs Good Y The slope of the budget line increases. The budget line gets steeper. The price of Good X rises. The price of Good Y rises. Monetary income increases. O The relative price of Good X increases. The relative price of Good Y increases.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

f 1 Appendix - showing an indifference curve. Quantity of Y C B Quantity of X The slope of the budget line facing the consumer is a. -Px/Py O b. -X/Y O c. -Py/Px d. -Y/X e. none of the above
14
None
Consumer Choice Figure 21-15 On the graph, Qx represents the quantity of good x and Qy represents the quantity of good y. The lines drawn on the graph represent three of Barbara's indifference curves. O Qy Ove Icon Key 0 A D Q₂ Refer to Figure 21-15. For Barbara, the marginal rate of substitution between goods y and x a. increases as she moves downward and to the right along one of her indifference curves. b. decreases as she moves downward and to the right along one of her indifference curves. c. remains constant as she moves downward and to the right along one of her indifference curves. d. is undefined for any movement along any one of her indifference curves. B
Please correct answer and don't use hend raiting
It is given that the price of goods X and Y are both Rs.10 each, a consumer consumes 10 units of X and 10 units of Y at equilibrium.a. Draw the budget line and indifference curve and show the point of consumer equilibrium. b. If the price of X falls to Rs.5, PY and money income remaining the same, what is the real income increase?c. At the new equilibrium caused by a fall in price of X, the consumer has a combination of 16 units of X and 12 units of Y. Show the price effect of a change in price of X using the PCC.d. Why are more units of Y consumed even though its price has not fallen?
E2 Draw a budget line for 2 goods with prices of $1 and $2 for the first and second good, respectively, and income of $8. a. Find some prices and income that will lead to a new budget line that intersects the old budget line ONLY at the midpoint of the old budget line. b. Can the old and new budget line have the same slope? c. Can the old and new budget line have the same prices? d. Can the old and new budget line have the same income and only one different price?
9. What caused the budget constraint to change? Circle the correct answer. Quantity of Steak (lb) 20 10 botsiboaza smanda ai sad Weat Smangaib gai Quantity of Pork (lb) 40 a. The price of steak rose. b. The price of steak fell. c. The expenditure on steak and pork rose. d. The price of pork fell.
urgent i need all answer i will 5 upvotes .
1. 1. Rummy has $40 a week to spend on burger and cake. The price of burger is $5 and the price of cake is $2 a slice. a. Calculate Rummy's real income in terms of cake. b. Calculate the relative price of cake in terms of burger. Calculate the equation for Amy's budget line. d. If Rummy's income increases to $60 a week and the price of burger and cake remain unchanged describe the change of his budget line. e. If the price of cake doubles while the price of burger remains at $5 and Rummy's income remains at $40 describe the change in his budget line. f. If Rummy's income is $20 and all the money spend to purchase burger, how many burger he can purchase? 2. Consider Competitive Market where Jamil is selling flowers. If Market Price is $50 answer the following FC Flowers 6 TC 445 485 300 7 8 9 530 580 10 11 635 695 Questions: i. How many flowers should he sell? ii. Calculate Jamil's Profit or Loss. iii. Find the Price at which he will shut down in the short run. iv. Find the Price at…
Suppose a consumer has income of dollars 20 which to be spent on good B and A. Good B cost dollar 4 and good A cost dollar 2 ,then A. Determine budget equation? B.draw budget line?
Typed plz And Asap thanks