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What is the maximum amount of good y

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Reference no: EM132240827

Suppose you are given the following equation for a budget constraint:

Good Y = -2*Good X + 500

a) If the price per unit of Good Y is $2, what must be the price of Good X?

b) What is the maximum amount of Good X this consumer would be able to purchase? What is the maximum amount of Good Y this consumer would be able to purchase?

c) If this consumer purchases 10 units of Good Y, what quantity of Good X could he/she purchase?

d) Given the equation above, what must consumer income equal?

Reference no: EM132240827

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