In the graph above, income is $80. One point on the demand curve for good X is price of good X = $40 and quantity of good X = _______ units of good X (enter a whole number).
Homework Answers
Answer : The answer is 2 units of good X.
The budget equation is,
Budget or income = (Price of good X * Quantity of good X) + (Price of good Y * Quantity of good Y)
To obtain the intercept of good X we have to take the quantity of good Y is 0. So,
80 = (40 * Quantity of good X) + 0
=> Quantity of good X = 80 / 40 = 2
Therefore, here the quantity of good X is 2 units.
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