Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 11 Jun 2017 My Price 14.00

good is in excess demand

  1. Based on attached Figure 1, say:
    1. What do points A and B identify in terms of consumption for each person? (8 marks)
    2. Why is neither point A nor B on the contract curve? (8 marks)
    3. Which good is in excess demand? Explain your answer. (8 marks)
  1. Draw a box diagram, based on Figure 1, to show how the price of food relative to clothing must change to bring about a Pareto optimal equilibrium. (8 marks)
  2. Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption. (8 marks)
  3. Aisha and Robin consume only food and clothing. Figure 1 below depicts the consumption possibilities for these two consumers. 
  4. Point X is the endowment point showing an initial distribution of food and clothing between the consumers.
  5. Point P shows a budget constraint reflecting the price of food in terms of clothing. 
  6. UA and UR are indifference curves for Aisha and Robin respectively.
  7.  
  8.  
  9. Figure 1: Consumption possibilities, indifference maps and budget constraint for Aisha and Robin
  10. Based on Figure 1, say:
  11. What do points A and B identify in terms of consumption for each person? (8 marks)
  12. Why is neither point A nor B on the contract curve? (8 marks)
  13. Which good is in excess demand? Explain your answer. (8 marks)
  14. Draw a box diagram, based on Figure 1, to show how the price of food relative to clothing must change to bring about a Pareto optimal equilibrium. (8 marks)
  15. Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption. (8 marks)

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jun 2017 07:06 PM My Price 14.00

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