From your economics class are sitting in a local restaurant

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Reference no: EM1312077

Q1. Four students from your economics class are sitting in a local restaurant Talk about the marketplace for coffee. Below are quotes from every of the four students. All of the following quotes are logically correct except one. Which quote indicates incorrect economic analysis?

Q2. Suppose a consumer's preferences are represented by the utility function U = MIN (2X,Y). The price of Y is PY = 1 also the consumer has income, M = 60.

a) Graph the consumer's Price consumption curve for prices, PX = 1, PX = 2 also PX = 3. Be sure to label your graph carefully also accurately.

b) Graph the consumer's demand curve for X. Be sure to label your graph carefully also accurately.

Reference no: EM1312077

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