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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.
Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all
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#questASSIGNMENT #1 The demand function for Product X is given by: Qdx = 80- 2Px- 0.05P²x -0.2Py + 4Pz + 0.01I+ 2A Where: Px Price of good X $120.00 Py Price of related good y $100
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