Please answer Only question 1 D no to answer 1 A, B, C 1. Answer this part of the question with StepsAnswer the following questions with the answer to T or F. If T writeonly T, if F write F and you give the reason why S.(a) Optimal consumer choice will occur if the value of MRS andthe ratio of the prices of the two goods is equal to 1.Answer the following questions by writing down the budget equationand drawing the curve according to the questions.(b) Given that the price of good x is 25 / unit, the price of goods y is20 / unit. The individual's income in period 1 is 1000. Atthe second period the individual's income has increased20% and there is a 10% discount on the price of goodspurchase of goods after 5 units of goods x. Budget line drawingbefore and after changes in income and prices.(c) Given that the price of goods x is 25/ unit, the price of goods y is20 / unit. The individual's income in period 1 is 1000. Atthe second period the individual's income has increased20%, the price of goods y is subject to tax at 20% / unit.Draw budget lines before and after changes in incomeand that price (d) Answer the following questions by describing the budget curveand indifferent to determine consumer choices according toquestions.· See question no1 (b), what is the consumer choice solutionoptimal for the case, ifx and y are normal goods.Draw the curve.• See question no.1 (c), what is the consumer choice solutionoptimal for the case, if x and y are normal goods.Draw the curve.

In microeconomic theory of utility maximization, a rational consumer chooses his consumption bundle…

(d) Answer the following questions by describing the budget curve and indifferent to determine consumer choices according to questions. • See question no 1 (b), what is the consumer choice solution optimal for the case, if x and y are nomal goods. Draw the curve. • See question no.1 (e), what is the consumer choice solution optimal for the case, if x and y are normal goods. Draw the curve.

(d) Answer the following questions by describing the budget curve and indifferent to determine consumer choices according to questions. • See question no 1 (b), what is the consumer choice solution optimal for the case, if x and y are nomal goods. Draw the curve. • See question no.1 (e), what is the consumer choice solution optimal for the case, if x and y are normal goods. Draw the curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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