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Author Question: Hector has $2,000 a month to spend on clothing and food. The price of clothing is $50 and the price ... (Read 151 times)

lbcchick

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Question 1

Refer to the information provided in Figure 6.7 below to answer the question(s) that follow.










Refer to Figure 6.7. Along budget constraint 
AB, the price of good 
X is $25 and the price of good 
Y is $18. If the price of 
Y decreases to $14, the budget constraint will


◦ pivot in at point 
B.
◦ pivot out at point 
A.
◦ shift in parallel to 
AB.
◦ pivot in at point 
A.

Question 2

Hector has $2,000 a month to spend on clothing and food. The price of clothing is $50 and the price of food is 20. The clothing and food pairs in Hector's choice set include ________ units of clothing and ________ units of food.


◦ 100; 100
◦ 40; 100
◦ 30; 50
◦ 16; 60


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Marked as best answer by lbcchick on Apr 19, 2019

kingdude89

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