In early 2023, because of food supply chain issues, several supermarkets in the UK such as Tesco, Aldi, Asda and Morrisons had to ration supply for customers as there was a shortage of fruits and vegetables such as lettuce, tomatoes, peppers, cucumbers, broccoli, cauliflowers and raspberries etc You are required to examine the impact on a consumer using the tools of managerial economics below. only attached excel file graphs to answers. Need only excel graphs and little explanation but mainly need to make graphs in excel of both A and B below. Mentioned both budget line and indifferece curve in the graphs. A) Consider two goods (any two fruits or vegetables) A and B and using the indifference curve and budget line draw the satisfaction-maximizing choice associated with the two goods. B) now suppose one of the products is rationed. Show the impact on consumer choice (using the indifference curve and budget line). For this question answer need to make graphs and budget lines for A and B part in more detailed must show indifference curves and budget lines.
In early 2023, because of food supply chain issues, several supermarkets in the UK such as Tesco, Aldi, Asda and Morrisons had to ration supply for customers as there was a shortage of fruits and vegetables such as lettuce, tomatoes, peppers, cucumbers, broccoli, cauliflowers and raspberries etc You are required to examine the impact on a consumer using the tools of managerial economics below. only attached excel file graphs to answers. Need only excel graphs and little explanation but mainly need to make graphs in excel of both A and B below. Mentioned both budget line and indifferece curve in the graphs.
A) Consider two goods (any two fruits or vegetables) A and B and using the indifference curve and budget line draw the satisfaction-maximizing choice associated with the two goods.
B) now suppose one of the products is rationed. Show the impact on consumer choice (using the indifference curve and budget line). For this question answer need to make graphs and budget lines for A and B part in more detailed must show indifference curves and budget lines.
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