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Sketch the income-consumption curve for the values

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Reference no: EM133133136

Suppose a consumer's preferences are given by U(X,Y) = X*Y. Therefore the MUXYM = $60M = $100 = Y and MU = X. Suppose the price of good Y is $1 and the price of good X is $2. Sketch the income-consumption curve for the values

M = $80

To do this, carefully draw the budget constraints associated with each of the values of M, and indicate the bundle that the consumer chooses in each case. Also, be sure to label your graph accurately.

Reference no: EM133133136

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