Answer to Question #58041 in Microeconomics for Rj

Question #58041
If food is on the horizontal axis, and shelter on the vertical axis, then the equation for the budget line can be expressed can be expressed as?
1
Expert's answer
2016-02-25T00:00:54-0500
If food is on the horizontal axis, and shelter on the vertical axis, then the equation for the budget line can be expressed as I = Pf*Qf + Ps*Qs; Qs = (I - Pf*Qf)/Ps, where Pf - price of food, Ps - price of shelter, Qf - quantity of food, Qs - quantity of shelter, I - budget (income).

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