Question
5. Otis B. Driftwood has preferences over seaweed (S) and conch (C) where the prices of...
5. Otis B. Driftwood has preferences over seaweed (S) and conch (C) where the prices of these goods are Ps and Pc respectively. He also has income lo. a. Use a budget line and indifference curve to show Otis maximizing his utility. Put conch on the vertical axis. Label the diagram fully and include an interpretation of the budget line and a brief explanation. b. Otis experiences a fall in income to li<lo. On your diagram from part a, draw this under the assumption that conch is an inferior good and seaweed is a normal good. Briefly explain.
Answers
Date : Page Conch Fy Coured AB is the budget line with encome I E us the point of otis maximum utility on the encliffurent Curve I because it is a the point where the the budget line and Incliffurent Cyrue entersect where the prices are alhoocluble. honor 8XDate Page As the encome, decreased the Consumption of enperior good increased as they are cheall his flost (conch) and consumption of normal goods ducreazid Scamped resulting to back warfe grift of enclifferent cure from AA. AD honor 8x
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