Answer to Question #102783 in Microeconomics for Michael

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.
1
Expert's answer
2020-02-12T09:09:57-0500

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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Comments

Assignment Expert
13.02.20, 15:34

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Michael
12.02.20, 20:48

Thank you guys so much this really helped me out alot.

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