Economics 1. Imagine you have $1000 of income to spend on two goods, x1 and x2. ASSUME BOTH AR NORMAL GOODS. The price of x2 is p2 = 20. Holding p2 constant, draw your three budget line: show what your indifference curves might look like, and based on these what your optima bundles would be for three different prices for x1: p1 = 40, pi' 20, and pi" = 10. Then use this information to derive your demand curve for x1. %3D %3D

Economics 1. Imagine you have $1000 of income to spend on two goods, x1 and x2. ASSUME BOTH AR NORMAL GOODS. The price of x2 is p2 = 20. Holding p2 constant, draw your three budget line: show what your indifference curves might look like, and based on these what your optima bundles would be for three different prices for x1: p1 = 40, pi' 20, and pi" = 10. Then use this information to derive your demand curve for x1. %3D %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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