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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 48
Assume that the data in the following table are an indifference curve for a consumer: 
A) Graph this indifference curve and label "Quantity of Y " on the vertical axis and "Quantity of X " on the horizontal axis. Label the points A ? D.
B) Assume the consumer's budget is $12 and the prices of X and Y are $1.00 and $1.50, respectively. Draw the budget line in the above graph.
C) What combination of X and Y will the consumer purchase?
D) What is the value of the MRS and the slope ( P x / P y ) at consumer equilibrium?
E) Beginning with the graph drawn in Part (a), explain and draw graphs to derive a demand curve for X.
A) Graph this indifference curve and label "Quantity of Y " on the vertical axis and "Quantity of X " on the horizontal axis. Label the points A ? D.
B) Assume the consumer's budget is $12 and the prices of X and Y are $1.00 and $1.50, respectively. Draw the budget line in the above graph.
C) What combination of X and Y will the consumer purchase?
D) What is the value of the MRS and the slope ( P x / P y ) at consumer equilibrium?
E) Beginning with the graph drawn in Part (a), explain and draw graphs to derive a demand curve for X.
Explanation
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Verified
The slope of the indifference curve show...
Economics for Today 9th Edition by Irvin Tucker
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