Use a general utility function and general prices and income to derive the equal marginal principle.  Using an indifference curve and budget constraint graph to illustrate reallocation when the equal marginal principle does not hold.

Please Answer iv) A student living in a university hostel has two options for meals: eating at the dining hall for Rs.600 per meal, or eating a meal at Dhaaba for Rs.150 per meal. His weekly food budget is Rs. 6000 Draw the budget constraint showing the trade-off between dining-hall meals and meals at Dhaaba. Assuming that he spends equal amounts on both goods, draw an indifference curve showing the optimum choice. Label the optimum as point A.  Suppose the price of a Dhaaba meal now rises to Rs.200. Assume that our student now spends only 30 percent of his income on dining-hall meals. Label the new optimum as point B.  iv) Use points A and B to draw a demand curve for meals at Dhaaba. What is this type of good called?

Use a general utility function and general prices and income to derive the equal marginal principle. Using an indifference curve and budget constraint graph to illustrate reallocation when the equal marginal principle does not hold.

Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs $2000 a unit. Troy has $15000 to spend on both goods. 1. It is known that the indifference curve is convex. What does this tell you about the relationship between the goods?