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Suppose Juan's utility function is given by U = FC, where F and C are the two goods avail- able for purchase: food and clothing.
a. Graph Juan's indifference curves for the following levels of utility: 100, 200, and 300.
b. Are these curves convex or concave to the origin? What does this shape imply about Juan's willingness to trade food for clothing?
c. Suppose Juan's budget is $100 and the prices of F and C are both $5. Graph the budget constraint.
d. How many units of food and clothing will Juan purchase at these prices and income? Show graphically. What is his corresponding level of utility?
e. The Johnson Company is the sole producer of clothing. What can the company do to induce Juan to purchase more clothing? Show graphically. (The graph does not have to be exact.)
This causes some loss in utility. What is the equilibrium of this game? Do you think the two drivers will necessarily produce an equilibrium outcome?
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Make pertinent recommendations to senior management based on the empirical demand function and write a short report summarizing the results of the analysis and any recommendations.
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1.For what reasons might GDP be a poor indicator of (i) The level of development of a country; (ii) Its rate of economic development?
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