What is the consumer''s income

Reference no: EM131162254

A consumer is in equilibrium at point A in the accompanying figure. The price of Good X is $5.

a. What is the price of good Y?

b. What is the consumer's income?

c. At point A how many units of good X does the consumer purchaser?

d. Suppose the budget line changes so that the consumer achieves a new equilibrium at point B. What change in the economic environme3nt led to this new equilibrium? Is the consumer better off as a result of the price change?

Reference no: EM131162254

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