A consumer buys only two goods, 𝑋𝑋 and 𝑌𝑌, with prices of 𝑝𝑝𝑋
Posted: Thu May 19, 2022 7:29 am
A consumer buys only two goods, ππ and ππ, with prices of
ππππand ππππ and has an income of ππ. Use diagrams to indicate
consumer preferences, including details of the marginal rate of
substitution, in the cases where: (a) ππ is a Sierra Blue iPhone 13
Pro and ππ is a Graphite iPhone 13 Pro. Assume that the consumer is
indifferent between the two colours. (b) ππ is a right foot Nike
Air Max Vapormax trainer and ππ is a left foot Nike Air Max
Vapormax trainer. (c) ππ is an iPad Pro and ππ is a Balenciaga
jacket. (d) Suppose that the consumer wins a substantial sum of
money in the UKβs 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 ππ increases, how will this affect the
consumerβs choices in each of the cases above? Illustrate the
effects on your diagrams
ππππand ππππ and has an income of ππ. Use diagrams to indicate
consumer preferences, including details of the marginal rate of
substitution, in the cases where: (a) ππ is a Sierra Blue iPhone 13
Pro and ππ is a Graphite iPhone 13 Pro. Assume that the consumer is
indifferent between the two colours. (b) ππ is a right foot Nike
Air Max Vapormax trainer and ππ is a left foot Nike Air Max
Vapormax trainer. (c) ππ is an iPad Pro and ππ is a Balenciaga
jacket. (d) Suppose that the consumer wins a substantial sum of
money in the UKβs 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 ππ increases, how will this affect the
consumerβs choices in each of the cases above? Illustrate the
effects on your diagrams