In a purely competitive labor market, each firm employs such a ______ fraction of the total available supply of a specific type
1 answer:
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Answer:
slope of the resulting budget line = = 0.2
Explanation:
given data
price of product Y = $15
price of product X = $3
money income C = $60
to find out
absolute value of the slope of the resulting budget line
solution
we know here equation of resulting budget line is that is express as
AX + BY = C
here A and B are the quantity and X and Y are price and C is income
so
3 A + 15 B = 60
so
the slope of the resulting budget line is
slope of the resulting budget line =
slope of the resulting budget line = = 0.2