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Zac consumes only pizza and chianti. He consumes these goods in fixed proportions: 2 slices of pizza for one glass of chianti. His income is $100 per week.
a. Derive demand functions forpizza and chianti. Are the goods normal or inferior, substitutes or complements?
b. If pizza costs $1 per slice and chianti $3 per glass, how much of each good will he consume?
c. If the price of pizza falls to $0.5 per slice and, chianti stays at $3 per glass, how much of each good will Zac consume?
d. Using a suitably labelled diagram with pizza on the horizontal axis, illustrate the impact of the change in price of pizza from $1 to $0.5 per slice. Show the level of utility before and after the price change and show the decomposition line.
what is the theory of second best? prove the theorem with the help of a diagram.
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Ask q3x+5=20 uestion #Minimum 100 words accepted#
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