Use the following graph showing two budget lines, LR and LZ to answer the following questions. The consumer’s income is $720.
a. For budget line LR the price of Y is $______ and the price of X is $______. The equation for budget line LR is ________________________.
b. For budget line LM the price of Y is $______ and the price of X is $______. The equation for budget line LM is _____________________.
Graph Info: LR y is 60, x is 40 LM y is 60, x is 80
Y points are 0, 20, 40, 60, 80
X points are 0, 20, 40, 60, 80, 100