Question

Q 1) A consumer has an income of Rs. 30,000 a year and divides this income between buying
food and spending on leisure. The average price of a unit of food is Rs 15 and the average price
of a unit of leisure is Rs. 10. Draw the consumer's budget constraint and draw an indifference
curve to show the consumer's optimum. Assume that the price of food rises in three stages over
the year in Rs. 10 increments but that the price of leisure stays the same. Draw the consumer's
new budget constraints, identify the new optimum and show the price-consumption path.​

Answer 1

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Explanation:

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Answer 2

Answer: We can calculate the income ratio of demand for CDs as follows:     QQ1/YY1 * Y/Q

= 25 - 30 / 30000 - 36000 *30000 /25 =1.

Explanation: When it comes to marketing, consumer behavior refers to the choices and actions that consumers make when using or buying goods. In marketing, consumer psychology is a crucial area of study because it enables companies to comprehend the motivations behind consumer choices. It is an investigation into how customers behave and what motivates them to purchase and use particular goods. For marketers, it is crucial to comprehend client purchasing patterns because it enables them to connect to customers' expectations more effectively. It asserts that consumers want to fulfill their requirements for the least amount of money feasible and enables businesses to forecast sales based on the cost of a product and the income of their clientele. For instance, Wal-Mart provides a variety of goods at very affordable rates to cater to its intended market.

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