Question #2: Budget Constraints (Total = 8 marks; 2 marks each) For each question below, draw the budget constraint. Be sure to label the all the axis values and the slope of each segment of the budget line, if applicable. Please plot good x on the horizontal axis. a) You consume two goods, x and y, and your income is m = $200, Px = $1 and Py = $2. The government imposes a tax of $0.5 per unit of x if x≥ 50. This tax is not applied for x < 50.
Question #2: Budget Constraints (Total = 8 marks; 2 marks each) For each question below, draw the budget constraint. Be sure to label the all the axis values and the slope of each segment of the budget line, if applicable. Please plot good x on the horizontal axis. a) You consume two goods, x and y, and your income is m = $200, Px = $1 and Py = $2. The government imposes a tax of $0.5 per unit of x if x≥ 50. This tax is not applied for x < 50.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 6QFR
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Transcribed Image Text:Question #2: Budget Constraints (Total = 8 marks; 2 marks each)
For each question below, draw the budget constraint. Be sure to label the all the axis values and the
slope of each segment of the budget line, if applicable. Please plot good x on the horizontal axis.
a) You consume two goods, x and y, and your
income is m = $200, Px = $1 and Py = $2. The
government imposes a tax of $0.5 per unit of x if
x≥ 50. This tax is not applied for x < 50.
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