Subject | Business |

Due By (Pacific Time) | 08/09/2017 10:00 pm |

I ONLY NEED THREE questions out of 16 answered. They are highlighted on the attached document. Please quote prices for THREE problems. Not the whole test. NEED ASAP!

#5

#6

#16

# 5 The figure below shows a portion of a consumer’s indifference map, and a budget line. The consumer’s income is $1,200 and the price of Y is $6.

a. Draw the budget constraint facing this consumer. Label the optimal consumption bundle “r.”

b. Which is the highest indifference curve the consumer can reach?

c. For this budget constraint, how many units of X will the consumer purchase?

d. How many units of Y?

e. Point r is a ____________________.

Now let the price of Y fall to $8 while the price of X remains $12.

f. Draw the new budget constraint. Label the new optimal consumption bundle “s.”

g. On this new budget constraint, how many units of X will the consumer purchase?

h. How many units of Y?

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