Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If you have an Income of $80 to spend, if commodity 1 costs $5 per unit, and if commodity 2 costs $20 per unit, then
If you have an Income of $80 to spend, if commodity 1 costs $5 per unit, and if commodity 2 costs $20 per unit, then the equation for your budget line can be written O 25(x1+x2)-80. Ox1+4'x2-16. O 5'x1+20x2=40 O (x1)/5+(x2)/20 = 80. O (x1+x2)/25 80
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started