1. Good A normally costs $50, but for any purchase of more than 10 units, a discounted price of $20 applies with no upper limit on the total quantity consumed. a. Show in a graph with Good A on the horizontal axis and "Others" on the vertical axis, draw the budget line if an income of $1000 is available and the price of "Others" is $10. b. From a. draw a set of indifference curves to show the situation that one can take advantage of the discounted price. c. From a. draw another set of indifference curves to show the situation that one cannot take any advantage of the discounted price given the limited consumption.

1. Good A normally costs $50, but for any purchase of more than 10 units, a discounted price of $20 applies with no upper limit on the total quantity consumed. a. Show in a graph with Good A on the horizontal axis and "Others" on the vertical axis, draw the budget line if an income of $1000 is available and the price of "Others" is $10. b. From a. draw a set of indifference curves to show the situation that one can take advantage of the discounted price. c. From a. draw another set of indifference curves to show the situation that one cannot take any advantage of the discounted price given the limited consumption.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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