1. If the equation of a budget line is given by 5x + 7y - 64, the slope of the budget line will be
(A) -775
(B) 5/7
(C) 64/7
(D) 64/5.
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Answer:
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Answer: the answer is (b)5/7
Explanation: Slope of budget line shows the rate at which market price allows the consumer to substitute Good-X for Good-Y. It is expressed as Px/Py.
therefore here 5x/7y
or, 5/7= 0.714
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