Consider that there are two goods, good X and good Y, which are perfect substitutes. The consumer has the utility function given by: U(X,Y) = aX + Y The prices of the goods are given by px = 4 and py = 2, respectively. The income of the consumer is given by I = 60. a) Choose a value for parameter "a" by yourself. Graphically illustrate the budget line of the consumer and draw the indifference curves. Then, find the consumption bundle that maximizes the consumer's utility. b) List the possible outcomes for different values of parameter “a".

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Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.