Refer to the graph below for next two questions:Quantity ofgood Y18-16-14-1210-8-64-2-$80 and $14002 4 6 8 10 12 14 16 18 20 Quantity of good XFor Budget constraint 1, the price of good X and the price of good Y could equal$100 and $120$140 and $80Budget constraint 2$120 and $100-Budget constraint 1respectively. Quantity ofgood y18-16-14-1210-8Budget constraint 2- Budget constraint 1642-0 2 4 6 8 10 12 14 16 18 20 Quantity of good XSuppose the budget constraint shifted from Budget constraint 2 to Budget constraint 1. What could havecaused this change?A decrease in the price of good XA decrease in income and decrease in the relative price of good X to those ofgood YA decrease in incomeAn increase in the relative price of good X to that of good Y

Budget Line: given the price of 2 goods and consumer’s income. The budget line shows different…

Refer to the graph below for next two questions: Quantity of good Y 18- 16- 14- 12- 10- 8- 6- 4 2- Budget constraint 2 2 4 6 8 10 12 14 16 18 20 Quantity of good X For Budget constraint 1, the price of good X and the price of good Y could equal $80 and $140 $100 and $120 $140 and $80 Budget constraint 1 $120 and $100 respectively

Refer to the graph below for next two questions: Quantity of good Y 18- 16- 14- 12- 10- 8- 6- 4 2- Budget constraint 2 2 4 6 8 10 12 14 16 18 20 Quantity of good X For Budget constraint 1, the price of good X and the price of good Y could equal $80 and $140 $100 and $120 $140 and $80 Budget constraint 1 $120 and $100 respectively

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Mario and Chris are the only two consumers in a particular market for train tickets. The following table displays the relationship between the price of bus tickets for each consumer and quantity of train tickets demanded per week when the price of train tickets is $4.00 each. $2.00 $3.00 $4.00 $5.00 Price of bus tickets Mario's demand for train tickets 8 6. 4 2 Chris' demand for train tickets 1 2 3 a) Suppose the price of bus tickets is $4. The market demand of train tickets per day is
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