A consumer has $220 in monthly income to be spent on two goods Z and B. The price of good Z (P,) is $7.00. The Marginal Rate of Transformation (MRT) is equal to - 2. That is 2 units of good B can be traded for 1 unit of good Z. What is the price of good B? $ 3.5 (round your answer to the nearest penny). How many units of good B can be purchased if all income is used for that good? units (round your answer to two decimal places).

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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A consumer has $220 in monthly income to be spent on two goods Z and B.
The price of good Z (P,) is $7.00.
The Marginal Rate of Transformation (MRT) is equal to - 2. That is 2 units of good B can be traded for 1 unit of good Z.
What is the price of good B? $ 3.5 (round your answer to the nearest penny).
How many units of good B can be purchased if all income is used for that good? units (round your answer to two decimal places).
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Transcribed Image Text:A consumer has $220 in monthly income to be spent on two goods Z and B. The price of good Z (P,) is $7.00. The Marginal Rate of Transformation (MRT) is equal to - 2. That is 2 units of good B can be traded for 1 unit of good Z. What is the price of good B? $ 3.5 (round your answer to the nearest penny). How many units of good B can be purchased if all income is used for that good? units (round your answer to two decimal places). Ctv 15 MacBook Air DI DD 80 F9 esc F5 F6 F7 F1 F2 F3 ! @ 23 & 4 7 8 9 1 Q W E Y tab A S F G つ K caps lock C V M shift fn control option command つ エ T * * リ く
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