Answer question 2 A: Key concepts1. What does it mean for preferences to be "complete"2. What does it mean for goods to be perfect compliments? Give one example.B: Theory: Budget constraints and preferences3. A consumer has a budget of £12 to split between two goods: good 1 has a price of 2, good 2has a price of 3. Write the consumer's budget constraint algebraically. Convert this budgetconstraint into the formula for the budget line. Show this line on a suitably labelled graph.4. The consumer's budget increases to £24. Show the effect of this change graphically.5. A consumer dislikes good 1, and dislikes good 2. Show these preferences on a suitablylabelled graph with an indifference curve. Label the graph: which areas would be preferredto those on the line?Section two-theory and policyC: French 35 hour working week6. In 1999, the French minimum wage was around 50 francs. Describe the (francs / hours ofleisure) trade-off for a French minimum wage worker algebraically and graphically, showingthe connection between the two. (Note: Assume there are 170 hours in a week.)7. The unemployment rate at the time was 10%, and a confederation of large businessescampaigned for a reduction in the minimum wage from 50 francs to 30 francs. How wouldthis affect the budget set of a minimum wage worker?

As mentioned I will be only answering question 2. There are many types of goods in this world and…

Answered: 2. What does it mean for goods to be…

2. What does it mean for goods to be perfect compliments? Give one example.

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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