Q. Assume a consumer has $600 to spend on two goods, Good X as well as Good Y. The cost of Good X is given by PX = $20. The cost of Good Y is given by PY = $15. Graph the consumer's budget constraint. Please put the quantity of Good X on the horizontal axis, as well as the quantity of Good Y on the vertical axis. Be sure to label your graph carefully as well as accurately. What is the slope of the budget constraint?
Assume a consumer's partiality can be represented by the utility function U(X,Y) = X*Y. Also, Assume the consumer has $150 to spend as well as the cost of Good X is PX = $2 as well as the cost of Good Y is PY = $3. If the consumer maximizes their utility subject to their budget constraint, how much of Good X as well as Clarify how much of Good Y will the consumer purchase?
X* =
Y* =