For the preferences in #3, suppose the price of good 1 is $6, the price of good 2 is $1, and the consumer's income is $35. A. What is the equation for the consumer's budget line? B. Draw it on the graph above. C. What is the optimal bundle? Indicate the quantities of x 1, x 2, and the utility
For the preferences in #3, suppose the price of good 1 is $6, the price of good 2 is $1, and the consumer's income is $35. A. What is the equation for the consumer's budget line? B. Draw it on the graph above. C. What is the optimal bundle? Indicate the quantities of x 1, x 2, and the utility
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 9SQP
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For the preferences in #3, suppose the price of good 1 is $6, the price of good 2 is $1, and the consumer's income is $35.
A. What is the equation for the consumer's budget line?
B. Draw it on the graph above.
C. What is the optimal bundle? Indicate the quantities of x 1, x 2, and the utility
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