Illustrate the consumers budget set

Reference no: EM13190408

A consumer's budget set for two goods ( X and Y ) is 500 >2X +4Y

a.Illustrate the budget set in a diagram.
b.Does the budget set change if the prices of both goods double and theconsumer's income also doubles? Explain.
c.Given the equation for the budget set, can you determine the prices of thetwo goods? The consumer's income? Explain

Reference no: EM13190408

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