Answer to Question #133303 in Microeconomics for Muhammad Taimoor

Question

Q) Mr. Haroon has limited income which he spends on goods X and Y, market price of X is Rs. 30 per unit and Y is Rs. 40 per unit. When he draws his budget line, its X intercept at 100 units. Find Haroon’s income and slope of his budget line.

Answer 1

$$30x+40y=100$$

$$y=-0.75x+2.5$$