The indifference curves shown below are for Ali whose income per month is $1400. Using the information given in the graph below, answer the following questions: Good Y 10 10 7 10 14 Good X i. What are the conditions for consumer equilibrium in indifference curve analysis? 111. 20 ii. What are the prices of goods Y and X when Ali is on Lo, How much does Ali spend on good Y and good X respectively? What are the prices of goods Y and X when Ali is on Explain the changes that have happened that have caused Ali's indifference curve to move from Io to I₁. What are the quantities of X and Y do Ali purchase to maximise his utility?

The indifference curves shown below are for Ali whose income per month is $1400. Using the information given in the graph below, answer the following questions: Good Y 10 10 7 10 14 Good X i. What are the conditions for consumer equilibrium in indifference curve analysis? 111. 20 ii. What are the prices of goods Y and X when Ali is on Lo, How much does Ali spend on good Y and good X respectively? What are the prices of goods Y and X when Ali is on Explain the changes that have happened that have caused Ali's indifference curve to move from Io to I₁. What are the quantities of X and Y do Ali purchase to maximise his utility?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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