Answer to Question #45071 in Economics of Enterprise for HABINSHUTI
a) Find the budget constraint equation if Bo=2(Px+Py)
b) Find the value of a if the consumer purchases 10 units of Y and 7 Units of X
Px=6a, Py=Px/a a)Find the budget constraint equation if Bo=2(Px+Py) If Px = 6a, then Py = 6a/a = 6 Bo = 2(6a + 6) = 12a +12 b)Find the value of a if the consumer purchases 10 units of Y and 7 Units of X. If X = 7, Y = 10 and the general equation ofthe budget constraint is Bo = Px*X + Py*Y, then: 12a + 12 = 6a*7 + 6*10 12a - 42a = 60 - 12 30a = -48 a = -1.6
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