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| Topic: |
Business
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| Number of pages / Number of words: |
7 / 1775 |
Essay's paper body
The quantity for Y is 30 as read off the graph. The quantity for X is found by substituting the prices and quantities for each good and making them equal to the income. Then solving for X.
$500=30(Y)+Px*X
$500=30(10)+ 6.25X
$500-300=6.25*X
$200/6.25=X
X=32 units
H) The new MRS is equal to the Price of X over the Price of Y...
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625
6-10.
Unit of Good MuX MuX/Px Muy MuY/PY MuZ MuZ/PZ
1 12 12 60 20 70 14
2 11 11 55 18.33333 60 12
3 10 10 48 16 50 10
4 9 9 40 13.33333 40 8
5 8 8 32 10.66667 30 6
6 7 7 34 11.33333 25 5
7 6 6 21 7 18 3.6
8 5 5 18 6 10 2
9 4 4 15 5 3 0.6
10 3 3 12 4 1 0.2
Price 1 3 5
The following chart is the utility preference chart for a consumer with a budget of $65...
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