Illustrate what is the budget equation

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Q. You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation?

Q. Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $ 27,908? How does that taxation change if the income was $229,874?

Reference no: EM1355029

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