4. Assume wealth w; and assume two goods, 1 and 2, with prices p1 and p2, and Walrasian demands x1 and x2. Complete the empty cells in the following chart: ΤΟ GET THE.. VARY PLOT PLOT FOR... CURVE SLOPES... LEVEL OF... ON Y-AXIS ON Х-АXIS wealth expansion path wealth expansion path Engel curve for 2 demand curve for 1 inferior good 1 both goods normal inferior good 2 w LEAVE ΕMPTY) upward wealth effect of change in Pi on x2 exceeds substitution effect if good offer curve for 1 x2 2 is normal

etion A 1. Suppose that there were 20 people are interested in buying good X who had a reservation price of Ksh 100, and the 15th person had a reservation price of Ksh50. What would the demand curve look like? 50 750 is the

4. Assume wealth w; and assume two goods, 1 and 2, with prices p1 and p2, and Walrasian demands x1 and x2. Complete the empty cells in the following chart: тO GET THE... VARY PLOT PLOT FOR... CURVE SLOPES... LEVEL OF.. ON ON Y-AXIS Х-АХIS wealth expansion path wealth expansion path inferior good 1 both goods normal inferior good 2 Engel curve for 2 w LEAVE ΕMPTY] demand curve for 1 upward wealth effect of change in Рi on z2 eхceeds substitution effect if good 2 is normal offer curve for 1

O FIGURE ⒸOURE 31 FIGURE 2 FIGURE 3 FIGURE 4 02 DI FIGURE 2 02 DI N FORES 51 Pe 32 01 FIGURE 4 32 31 01 Use FIGURE 1 to FIGURE 4 above Assume that the relevant market is for sour cream. If sour cream and baking potatoes are complements, an increase in the price of baking potatoes would tend to match which Figure for the sour cream.market above? Gany