The Following Graph Applies to a Consumer for Whom Good

question 6

Essay

The following graph applies to a consumer for whom good x is an inferior good.The price of x falls from p to p',and one of the curves below represents the consumer's (uncompensated)demand curve while the other represents the consumer's compensated demand (or MWTP)curve.
a.Which curve is which? (Explain.)
b.What is it about these curves that makes them intersect at the original price p?
c.Once the consumer has optimized at the new price p',illustrate the new (uncompensated)demand and the new MWTP curve.
d.For curves that have shifted,explain why; for curves that have not shifted,explain why as well.

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