b): How a consumer will achieve optimunm level of utility through Ordinal Utility Theory approach? c): Using supply-and-demand graphs show the effect of the following events: 1. What happens to the market for Coffee if income of consumer increases? 2. What happens to the market for Coffee if Government increases tax on Coffee beans? 3. What happens to the market for Coffee if price of Tea increases and on the other hand labor wages decrease in the market?

b): How a consumer will achieve optimunm level of utility through Ordinal Utility Theory approach? c): Using supply-and-demand graphs show the effect of the following events: 1. What happens to the market for Coffee if income of consumer increases? 2. What happens to the market for Coffee if Government increases tax on Coffee beans? 3. What happens to the market for Coffee if price of Tea increases and on the other hand labor wages decrease in the market?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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