Question

Q12. Refer Q11, when the price of X has become 1 and the price of Y 5 a) How much is the new total expenditure of an individual? What is the new income of an individual? Answer _____________________________________________________________________ b) What is the new maximum consumption of X? Answer _____________________________________________________________________ c) What is the new maximum consumption of Y? Answer _____________________________________________________________________ d) What is the new slope of budget line of an individual? Answer _____________________________________________________________________ e) Will new budget line be steeper or flatter than previous budget line? Answer _____________________________________________________________________

Answer 1

Answer:

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Explanation:

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