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1. Suppose that the price of good X is $10, the price of good Y is $20, and our income is $100.
a. What is the maximum amount of good X you can buy? What about good Y?
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Write My Essay For Meb. Write down your budget constraint and solve it for Y.
c. Sketch a graph of your budget constraint.
2. Now suppose that the prices stay the same, but your income increases to $200.
a. Write down your new budget constraint and solve it for Y.
b. Sketch a graph of your old budget constraint and the new one on the same graph.
3. Now suppose your income is still $100, the price of X is still $10, but the price of good Y increases to $50.
a. Write down your new budget constraint and solve it for Y.
b. Sketch a graph of your old budget constraint and the new one on the same graph.
help with question #3 please
