If $\vec { w } = 2 \vec { i } + 5 \vec { j } + \alpha \vec { k }$

question 3

Essay

If $\vec { w } = 2 \vec { i } + 5 \vec { j } + \alpha \vec { k }$ find a value of a such that $\| \vec { w } \| = 30$ .

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Definitions:

Substitution Effect

The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.

Income Effect

The change in consumption resulting from a change in real income.

Theory of Consumer Choice

An economic framework describing how consumers make decisions to allocate their resources optimally among various goods and services.

Indifference Curve

A graph representing combinations of goods among which a consumer is indifferent, showing trade-offs between two goods.