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1 The Engel curve expresses the relationship between which one of the following pairs? cevaplanmadi Lütfen birini seçin: zerinden denmis a
1
The Engel curve expresses the relationship between which one of the following pairs? cevaplanmadi Lütfen birini seçin: zerinden denmis a. Demand and own-price b. Utility and expenditure oruyu i?aretle c. Demand and income 3 d. Cross-price and income e Utility and price
2
Which one of the following concepts correspond to the graphical representation of a consumer's preferences"? anmadi Lütfen birini seçin: a. Utility maximization b. Budget constraint aretle c. Indifference curves G d. Individual demand curve e. Necessary condition
Expert Solution
1
The Engel curve defines the relationship between the demand for a good and the income of its buyers.
Thus as according to this. The answer is option "C"
2
Typically, the consumer preferences can be represented in a graphical manner with the help of indifference curve.
it is budget constraint shows all possible combination of 2 goods that consumer can buy given his income. Utility maximization occurs at a point where indifference curve is tangent to budget line.
individual demand curve is a negitive relation between price and quantity demanded.
Thus correct option js
option (c) Indifference curve
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