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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