Microeconomics

The Questions are in the files Also. Please, use your own words.

1. In accordance with the budget constraint equation as mentioned below:

Px * X + * Y = I

Where;

Px is per unit price of good X

X is amount of good to be consumed.

Py is the per unit price of good Y

I is the income per month

Assuming the I = 1000 Px = SAR 5, Py = SAR 10, and

Workout three combinations of X and Y that the consumer can have with all of the income spent.

2. Explain the concept of ‘Isoquant’, ‘Isocost’, and the equilibrium condition for the producer with the help of these.