Asked by
Xuanting Zhang
on Dec 01, 2024
Verified
if you could exactly afford either 2 units of x and 10 units of y, or 4 units of x and 2 units of y, then if you spent all of your income on y, how many units of y could you buy?
A) 6
B) 10
C) 18
D) 26
E) None of the above.
Units of Y
This refers to the quantity of a variable or economic good, denoted by "Y."
Units of X
A measurement term used to specify an amount of a particular item, substance, or product.
Income
The money received, especially on a regular basis, for work or through investments.
- Understand the concept of a budget line and how to calculate the combinations of goods that can be purchased with a given income.
- Understand the principle of opportunity cost through trade-offs in consumption choices.
Verified Answer
JS
Learning Objectives
- Understand the concept of a budget line and how to calculate the combinations of goods that can be purchased with a given income.
- Understand the principle of opportunity cost through trade-offs in consumption choices.