Govind's income is 5000 rupees and he is trying to maximize his utility from consuming Apple and Orange and the price of apple and orange is 5 and 6 respectively in the market. a) Draw an indifference curve by using different combinations of these products and find consumer equilibrium? b) What is Govind's demand for Apple and Orange use Mashallian approach to find? c) If Govind wants to buy one more Apple over Orange, how much Orange he will sacrifice for Apple?

Micro Economics For Today
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ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
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Govind's income is 5000 rupees and he is trying to maximize his utility from consuming Apple and Orange and the price of apple and orange is 5 and 6 respectively in the market.

a) Draw an indifference curve by using different combinations of these products and find consumer equilibrium?

b) What is Govind's demand for Apple and Orange use Mashallian approach to find?

c) If Govind wants to buy one more Apple over Orange, how much Orange he will sacrifice for Apple?

 

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