Write out algebraic expression for this consumer budget line

Assignment Help Business Economics

Reference no: EM131173255

Suppose there are two goods, labeled x, y. A consumer has a budget of w = 220. Suppose the following two consumption bundles: (x = 4, y = 10), (x = 6, y = 4) all cost the consumer 220.

(a) What’s the price ratio between the two goods? Namely what’s py px ? Show how you obtain this result.

(b) What’s the price level for good x? What’s the price level for good y?

Reference no: EM131173255

Questions Cloud

Goal of financial management : Discuss why is the goal of financial management to maximize the current share price of the company's stock? In others words, why isn't the goal to maximize the future share price?

What is the output of the voltage controlled oscillator : what is the output of the voltage controlled oscillator when a phase locked loop circuit contains vco?

Give sufficient conditions for having real eigen values : Show that a first order reaction among M components with real eigenvalues of the coefficient matrix of the induced kinetic differential equation is such that none of the concentrations can have more than M- 2 strict local extrema. Give sufficient ..

Discuss whether or not humans have more primitive hands : Next provide a brief summary of the article and discuss whether or not you think humans have more primitive or advanced hands than chimpanzees. Justify your response.

Write out algebraic expression for this consumer budget line : Suppose there are two goods, labeled x, y. A consumer has a budget of w = 220. Suppose the following two consumption bundles: (x = 4, y = 10), (x = 6, y = 4) all cost the consumer 220. What’s the price ratio between the two goods? Namely what’s py px..

What is the net income for the firm : Shelton, Inc., has sales of $391,000, costs of $179,000, depreciation expense of $44,000, interest expense of $25,000, and a tax rate of 40 percent.(Do not round intermediate calculations.) What is the net income for the firm?

Identify and link the symptoms and root causes of problems : Briefly identify the major problems facing the manager/key person. Differentiate short term from long term problems. Identify and link the symptoms and root causes of the problems.

What is the maximum number of clock pulses : What is the maximum number of clock pulses needed to return a 4-bit Johnson counter to its original state?- Which of the following does a UART contain?

Despite its political popularity : Despite its political popularity, the overwhelming majority of economists are not in favor of a Constitutional amendment that requires the federal government’s budget to be balanced every year. Utilizing the concepts from this weeks' readings, explai..

User Account

All Pages