A consumer consumes only two goods …
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
A consumer consumes only two goods X and Y. His money income is ₹24 and the prices of Goods X and Y are ₹4 and ₹2 respectively. Answer the following questions:
(i) What is the equation of budget line and its slope?
(ii) How much of the good X can the consumer have by spending his entire income on that good?
(iii) How much of the good Y can the consumer have by spending his entire income on that good?
(iv) How does the budget line change if consumer's income increases to 48 but the prices remain unchanged?
(v) How does the budget line change if price of good X falls by ₹1 but the price of good Y and income remain unchanged?
Posted by Agnal Kuriakose 4 years, 5 months ago
- 0 answers
ANSWER
Test
Related Questions
Posted by Vivek Saroj 1 year, 4 months ago
- 0 answers
Posted by Shiv Narayan Kumar 1 year, 4 months ago
- 1 answers
Posted by Charvi Charvi 1 year, 4 months ago
- 0 answers
Posted by Mahi Bansal 1 year, 4 months ago
- 0 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
