Business, 21.03.2020 03:15 ruba806

2. Sticking with the example above, imagine we have our typical consumer problem, with a composite good costing $1 on the y-axis and plums on the x-axis. a. Draw the consumer’s problem and show an optimal bundle of plums and other goods. b. Shift in the consumer’s budget constraint and show the effect of the doubling in price. c. Show the equivalent variation that would be required to get the consumer to the new, lower utility, but at the original $1 per plum price.

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2. Sticking with the example above, imagine we have our typical consumer problem, with a composite g...