4. Assume wealth w; and assume two goods, 1 and 2, with prices p1 and p2, and Walrasian demands x1 and x2. Complete the empty cells in the following chart: ΤΟ GET THE.. VARY PLOT PLOT FOR... CURVE SLOPES... LEVEL OF... ON Y-AXIS ON Х-АXIS wealth expansion path wealth expansion path Engel curve for 2 demand curve for 1 inferior good 1 both goods normal inferior good 2 w LEAVE ΕMPTY) upward wealth effect of change in Pi on x2 exceeds substitution effect if good offer curve for 1 x2 2 is normal

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.