What does this tell you about income and welfare

Reference no: EM131196672

Economics questions-

1. If 20X - 5Y = 40, solve for Y in terms of X. If you plotted Y as a function of X (i.e., put X on the horizontal axis or abscissa), what is the slope of the relation between X and Y?

2. If it is also true that 2X + 2Y = 14, solve for the X, Y pair that satisfies both equations.

3. Assume that melons cost $2 each and lemons cost $0.50 apiece. If you have $10 per week to spend on melons and lemons, graph the combinations of melons and lemons that you can buy with lemons on the horizontal axis or abscissa and melons on the vertical axis or ordinate. Write an equation and a table expressing giving the information in you graph. Graph your ability to consume if you can spend $20 rather than $10? In what sense did the rise in ability to consume make you better off? What does this tell you about income and welfare?

Reference no: EM131196672

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