• Consider the consumer budget set given as: 600 23X+6Y - . Illustrate the budget set in diagram. • What happens to the budget set if prices of both goods double and income also doubles? • What happens to the budget set if price of X doubles? [Show in diagram] What happens if price of Y doubles? [Show in diagram] e • What happens if consumer income decreases by 25%? [Show in diagram]

• Consider the consumer budget set given as: 600 23X+6Y - . Illustrate the budget set in diagram. • What happens to the budget set if prices of both goods double and income also doubles? • What happens to the budget set if price of X doubles? [Show in diagram] What happens if price of Y doubles? [Show in diagram] e • What happens if consumer income decreases by 25%? [Show in diagram]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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