Illustrate what are the josephs demands for roses also, Ask an Expert

Economics

Q. Microeconomic Theory

Joseph likes roses (R) also tulips (T) equally also views them as perfect substitutes in proportion 1 to 1. The price of a rose is $4, the price of a tulip is $8 also Joseph has $40 to spend on lowers.

a) Elucidate how much of each flower will Joseph buys? The 1st order conditions will not help; think about Illustrate what you would do in this situation.

b) Now, Assume that the price of a rose rises to $10. Elucidate how does the consumption of Joseph change?

c) Illustrate what are the Joseph's demands for roses also tulips as a function of prices also income {PR, PT, I}? You will have three cases depending on the relationship between PR also PT.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9170931

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