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If a consumer's income doubles, and the price of good X and good Y both double, will the budget line change in any way? Please
If a consumer's income doubles, and the price of good X and good Y both double, will the budget line change in any way? Please give an explanation.
Equation of the budget line is
Y=(B/Py)-(Px/Py)X
(b) If you had an economic good, like food, and an economic "bad," like pollution, would you still have a downward sloping indifference curve? Please explain and show what the indifference curve for the economic good and the economic bad might look like in the graph given below.
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