Please answer the all question from the picture with the steps... God bless You... ☺️ (d) Answer the following questions by describing the budget curveand indifferent to determine consumer choices according toquestions.· See question no1 (b), what is the consumer choice solutionoptimal for the case, ifx and y are normal goods.Draw the curve.• See question no.1 (c), what is the consumer choice solutionoptimal for the case, if x and y are normal goods.Draw the curve. 1. Answer this part of the question with StepsAnswer the following questions with the answer to T or F. If T writeonly T, if F write F and you give the reason why S.(a) Optimal consumer choice will occur if the value of MRS andthe ratio of the prices of the two goods is equal to 1.Answer the following questions by writing down the budget equationand drawing the curve according to the questions.(b) Given that the price of good x is 25 / unit, the price of goods y is20 / unit. The individual's income in period 1 is 1000. Atthe second period the individual's income has increased20% and there is a 10% discount on the price of goodspurchase of goods after 5 units of goods x. Budget line drawingbefore and after changes in income and prices.(c) Given that the price of goods x is 25/ unit, the price of goods y is20 / unit. The individual's income in period 1 is 1000. Atthe second period the individual's income has increased20%, the price of goods y is subject to tax at 20% / unit.Draw budget lines before and after changes in incomeand that price

Optimal consumer choice is the bundle of commodities that provide the consumers with an optimal…

(d) Answer the following questions by describing the budget curv and indifferent to determine consumer choices according to questions. • See question no 1 (b), what is the consumer choice solution optimal for the case, if x and y are normal goods. Draw the curve. • See question no.1 (c), what is the consumer choice solution optimal for the case, if x and y are normal goods. Draw the curve.

(d) Answer the following questions by describing the budget curv and indifferent to determine consumer choices according to questions. • See question no 1 (b), what is the consumer choice solution optimal for the case, if x and y are normal goods. Draw the curve. • See question no.1 (c), what is the consumer choice solution optimal for the case, if x and y are normal goods. Draw the curve.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter21: Demand: Consumer Choic

Section: Chapter Questions

Problem 1E

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