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32) Which of the following is not relevant when calculating the budget line? A) income B) the price of good Y C) the relative price of good X in terms of good Y D) preferences E) the price of good X

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Related questions

19. Suppose good X is measured on the horizontal axis and good Y on the vertical axis. The marginal rate of substitution is best defined as the A) slope of the budget line. rate at which a person gives up good X to get more of good Y and remains indifferent. rate at which a person gives up good Y to get more of good X and remains indifferent. relative price of good Y in terms of good X relative price of good X in terms of good Y. D) E)

23) Good X is measured on the horizontal axis and good Y is measured on the vertical axis. The marginal rate of substitution is A) the relative price of good X in terms of good Y. B) the relative price of good Y in terms of good X. C) the rate at which a consumer will give up good Y to obtain an additional unit of good X while remaining indifferent. D) the rate at which a consumer will give up good X to obtain an additional unit of good Y while remaining indifferent. E) equal to the magnitude of the slope of the budget line.

The absolute price of good x, good y, and good z are $23, $42, and $56. What is the relative price of good x in terms of good y? What is the relative price of good y in terms of good z? What is the relative price of good z in terms of good x?

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