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. A consumer has a daily income of $120 and purchases two products, X and Y. The price of X is $3 and the price
. A consumer has a daily income of $120 and purchases two products, X and Y. The price of X is $3 and the price of Y is $4. The following six pairs of points for X and Y define an indifference schedule: (7,40), (10,30), (15,20), (20,15), (30,10), and (40,8). In a graph, where X is on the vertical axis and Y is on the horizontal axis, draw the budget line and the indifference curve. What amounts of X and Y will allow the consumer to achieve equilibrium?
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