anonymous
  • anonymous
when the price of X is 3 and the price of Y is 3,an individual consumes a bundle of x=4,Y=4.when the price of X has become 1 and the price of Y 5,the individual chooses a bundle of X=3,Y=5.therefore,the consumer prefers (3,5) over (4,4).true or false,explain..
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chestercat
  • chestercat
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anonymous
  • anonymous
I think the question may be wrong. where did you get the question?
anonymous
  • anonymous
Not comparable. Fail to hold total budget and the consumption of other goods constant at the same time as (4,4) and (3,5) cost differently.
anonymous
  • anonymous
no dear.i think we have to 1st find the income by its formula and then have to make graph,,

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anonymous
  • anonymous
income=expenditure
anonymous
  • anonymous
then we can make budget line
anonymous
  • anonymous
|dw:1365401341275:dw| According to the given 2 conditions, we can draw 1 consumption curve and 1 indifference curve tangent to it at the point (4,4). We can also draw 1 consumption curve and 1 indifference curve to it at the piont (3,5). When I was trying to draw the last indifference curve I found the 2 indifference curve must cross with each other to complete the gragh. But you know indifference curves never cross. So the given conditions are wrong.
anonymous
  • anonymous
acc to me utility is more in 3,5 so consumers prefers it

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