(Solved by Expert Tutors)Suppose an individual spends her income on goods X and Y. If her inc

Suppose an individual spends her income on goods X and Y. If her income is $200, the price of good X is PX = $2, and the price of good Y is PY = $4, then the algebraic expression for her budget constraint is:

Y = 50 - 0.5X

Y = 100 - 0.5X

Y = 200 - 0.5X

Y = 50 - 2X

Y = 100 - 2X

Y = 200 - 2X

Suppose a consumer has an income of $40 that is spent on two goods: X and Y. The price of good X is $3.00 and the price of good Y is $1.00. Which of the following bundles of X and Y lie on the individuals budget constraint?

4X and 12Y

12X and 6Y

16X and 6Y

8X and 12Y

8X and 16Y

 

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Apr 19, 2020

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