Question #102783

Given the consumption of two goods X and Y subject to their respective prices and a given income graphically derive the demand curve for good X in the case of price fall.

Expert's answer

Solution

Let M=100, "p_y=20, Q_y=\\frac {100}{20}=5"

"p_{x_1}=10, Q_{x_1}=\\frac{100}{10}=10"

Then will be graph

If "p_{x_2}=5" then "Q_{x_2}=\\frac {100}{5}=20"

Will be next graph

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Assignment Expert13.02.20, 15:34Dear Michael, You're welcome. We are glad to be helpful. If you liked our service please press like-button beside answer field. Thank you!

Michael12.02.20, 20:48Thank you guys so much this really helped me out alot.

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