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What are dawit income and price of good y

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Dawit plans to consume two goods (good x and good y) with a limited budget. If Dawit's budget line has intercepts 100 units of good x and 50 units of good y and price of good x (Px) is $100. Then, answer the next three questions.

1. What are Dawit's income and Price of good y (Py)

2. What is the simplified version of Dawit's budget line equation?

3. If Dawit's utility function is given by U(X; Y) = X0.5Y0.5, how many units of good X and good Y would he consume if he choose the bundle that maximize his utility subject to his budget constraint?

Reference no: EM132519576

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