answer questions 129
1. Show the derivation of a demand curve from the underlying fundamentals of consumers solving their problem. In other words, show a budget constraint and indifference curve that shows a consumer solving his problem. Then change the price of good 1 (either decrease or increase it) and show the new amount of good 1 consumed (assume the indifference curves are basically parallel and behave “nicelyâ€). Change the price one more time (in the same direction) and show the new amount of good 1 consumed. Plot your three (Q, P) points on a separate graph to reveal your demand curve.
2. Write down the newest producer problem.
3. Use the tools we have developed this semester to show the graphical solution to the consumer problem for Ramen noodle soup (x-axis) and steak (y-axis). Then, using the same graph, demonstrate that Ramen noodle soup is an inferior good.
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