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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