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Question 13 1 pts The following graphs shows eight different budget constraints (from A to H) for a consumer who consumes Fis

Question 20 1 pts Refer to the graph below where xy is the consumers Budge Constraint and 11, 12, and 13 are indifference cu

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Answer #1

Ans 13. C TO D

Since the price decrease of Fish makes it relatively cheaper, now the consumer can purchase more of the fish. Thus, this causes the budget constraint to tilt outward with the consumer being able to consume more of fish if he spends all of his income on fish. He will still be able to consume the same amount of chips since there has been no change in the price of chips.

Ans 20. K

The optimal bundle where utility is maximized subject to his budget constraint occurs where the indifference curve is tangent to the budget constraint. This occurs at point K.

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