Graph your budget line, You enjoy satisfaction from

Graph your budget line

Assignment Help Managerial Economics

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Managerial Economics Assignment

Problem 1 - You enjoy satisfaction from consuming sandwiches. Suppose there are two types of sandwiches, X and Y.

1) Graph your budget line if you are offered a "buy two, get one free (limit one free sandwich)" deal for X.

2) Graph your budget line if you are offered a "buy two, get one free (limit one free sandwich)" deal for Y.

Problem 2 - Suppose you are in equilibrium at point A in Figure I. Let's assume that the price of good X is P_X = $5.

1) What is the price of good Y?

2) What is your income?

3) How many units of good Y do you purchase at point A?

4) If the budget line changes and you achieve a new equilibrium at point B, what change in the economic environment led to this new equilibrium? Are you better off or worse off? Why?

Reference no: EM131218675

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