Answer to Question #312907 in Microeconomics for felix

Question

1.Do you know the assumptions which underlay the consumer’s preferences? Explain them.

Given the following information on price of Maize flour (MF) 10$, the price of Rice (R) as 15$ and income of consumer 150$ when the consumer needs to maximize his utility function

Analyze the following graph on consumer behavior, through

a.Explaining the line/curve A and C.

b.Explaining what the movement from point D to B means theoretically, express that movement mathematically.

c.Showing where is the equilibrium of consumer? Explain it.

d.Finding the value of point F and E.

Answer 1

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