Question

Q11. Assume expenditure is equal to income (IO). When the price of X is 3 and the price of Y is 3, an individual consumes a bundle of X = 4, Y = 4.PX = Price of X; PY = Price of Y . a) How much is the total expenditure of an individual? What is the income of an individual? b) What is the maximum consumption of X? c) What is the maximum consumption of Y? d) What is the slope of budget line of an individual?

Answer 1

Answer:

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