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Explain in words what the budget line is

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Reference no: EM13894296

a) Explain in words what the budget line is.

b) Suppose we have two goods. The price of good 1 is 10 and the price of good 2 is 15. The income is 30. Construct a diagram, with the quantities on the X-and Y-axes, and draw a budget line in the diagram.

c) How do the prices and the income affect the shape of the graph? What happens if the price of one good rises? What happens if income increases?

Reference no: EM13894296

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