2. A consumer buys only two goods, X and Y, with prices of Pxand py and has an income of m. Use diagrams to indicate con

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2 A Consumer Buys Only Two Goods X And Y With Prices Of Pxand Py And Has An Income Of M Use Diagrams To Indicate Con 1 (52.73 KiB) Viewed 41 times

2. A consumer buys only two goods, X and Y, with prices of Pxand py and has an income of m. Use diagrams to indicate consumer preferences, including details of the marginal rate of substitution, in the cases where: (a) X is a Sierra Blue iPhone 13 Pro and Y is a Graphite iPhone 13 Pro. Assume that the consumer is indifferent between the two colours. (b) X is a right foot Nike Air Max Vapormax trainer and Y is a left foot Nike Air Max Vapormax trainer. (c) X is an iPad Pro and Y is a Balenciaga jacket. (d) Suppose that the consumer wins a substantial sum of money in the UK's National Lottery, how will this affect her consumption choices in each of the cases above? Illustrate the effects on your diagrams, (e) Suppose that due to supply change shortages, the price of X increases, how will this affect the consumer's choices in each of the cases above? Illustrate the effects on your diagrams.