What is the maximum amount of good

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Suppose that the price of good X is $10, the price of good Y is $20, and our income is $100. a. What is the maximum amount of good X you can buy? What about good Y? b. Write down your budget constraint and solve it for Y. c. Sketch a graph of your budget constraint. 2. Now suppose that the prices stay the same, but your income increases to $200. a. Write down your new budget constraint and solve it for Y. b. Sketch a graph of your old budget constraint and the new one on the same graph. 3. Now suppose your income is still $100, the price of X is still $10, but the price of good Y increases to $50. a. Write down your new budget constraint and solve it for Y. b. Sketch a graph of your old budget constraint and the new one on the same graph.

Reference no: EM131000013

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