Refer to the following graphs:

The price of Y is $15 per unit.
-What does the curve in the lower graph show?
A) how a consumer's utility-maximizing choices of X and Y change when the budget constraint changes
B) how a consumer's preferences change when income changes
C) how a consumer's utility-maximizing choices of X changes when the price of X changes
D) how a consumer's utility-maximizing choices of Y changes when the price of Y changes
E) both c and d

Question

Refer to the following graphs:

The price of Y is $15 per unit.
-What does the curve in the lower graph show?
A) how a consumer's utility-maximizing choices of X and Y change when the budget constraint changes 
B) how a consumer's preferences change when income changes 
C) how a consumer's utility-maximizing choices of X changes when the price of X changes 
D) how a consumer's utility-maximizing choices of Y changes when the price of Y changes 
E) both c and d

Quizplus · Accepted Answer

The Answer of Refer to the following graphs:

The price of Y is $15 per unit.
-What does the curve in the lower graph show?
A) how a consumer's utility-maximizing choices of X and Y change when the budget constraint changes 
B) how a consumer's preferences change when income changes 
C) how a consumer's utility-maximizing choices of X changes when the price of X changes 
D) how a consumer's utility-maximizing choices of Y changes when the price of Y changes 
E) both c and d

Refer to the Following Graphs