In the figure below, a consumer is initially in equilibrium at point C. The consumer’s income is P400, and the budget line through point C is given by P400 = P100X + P200Y. When the consumer is given a P100 gift certificate that is good only at store X, she moves to a new equilibrium at point D. Requirements: a. Determine the prices of goods X and 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?
In the figure below, a consumer is initially in equilibrium at point C. The consumer’s
income is P400, and the budget line through point C is given by P400 = P100X +
P200Y. When the consumer is given a P100 gift certificate that is good only at store X,
she moves to a new equilibrium at point D.
Requirements:
a. Determine the
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.
g. Is product X a normal or an inferior good?
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Requirements:
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