In the below figure, a consumer is initially in equilibrium at point C. The consumer's income is $600, and the budget line through point C is given by $600 = $100X +$200 Y. When the consumer is given a $100 gift certificate that is good only at store X, she moves to a new equilibrium at point D. Product Y D Product X E 노 F a. Determine the prices of goods X and Y. Price of X: $ Price of Y: $ b. How many units of product Y could be purchased at point A? c. How many units of product X could be purchased at point E? d. How many units of product X could be purchased at point B? e. How many units of product X could be purchased at point F? f. Based on this consumer's preferences, rank bundles A, B, C, and D In order from most preferred to least preferred. (Click to select g. Is product X a normal or an inferior good? (Click to select)

In the below figure, a consumer is initially in equilibrium at point C. The consumer's income is $600, and the budget line through point C is given by $600 = $100X +$200 Y. When the consumer is given a $100 gift certificate that is good only at store X, she moves to a new equilibrium at point D. Product Y D Product X E 노 F a. Determine the prices of goods X and Y. Price of X: $ Price of Y: $ b. How many units of product Y could be purchased at point A? c. How many units of product X could be purchased at point E? d. How many units of product X could be purchased at point B? e. How many units of product X could be purchased at point F? f. Based on this consumer's preferences, rank bundles A, B, C, and D In order from most preferred to least preferred. (Click to select g. Is product X a normal or an inferior good? (Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

please solve D, E, F,G

In the below figure, a consumer is initially in equilibrium at point C. The consumer's income is $600, and the budget line through point
C is given by $600 = $100X +$200 Y. When the consumer is given a $100 gift certificate that is good only at store X, she moves to a
new equilibrium at point D.
Product Y
D
Product X
E
노
F
a. Determine the prices of goods X and Y.
Price of X: $
Price of Y: $
b. How many units of product Y could be purchased at point A?
c. How many units of product X could be purchased at point E?
d. How many units of product X could be purchased at point B?
e. How many units of product X could be purchased at point F?
f. Based on this consumer's preferences, rank bundles A, B, C, and D In order from most preferred to least preferred.
(Click to select
g. Is product X a normal or an inferior good?
(Click to select)

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