Assignment

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Submitted By Nodir19
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1.1 Derivation of demand curve from substitution effect.
We have to connect consumer’s optimal bundle purchase to their demand curve. As we know, when deriving demand curve, all other things kept constant, except the price and quantity demanded of the good. In indifference curve analysis, consumers’ budget is fixed price of the other good hold unchanged. As can can be seen from graph, there are three budget constraints, all starting form the same on the Good A axis. All this budget constraints are drawn in response to price decrease of Good B.

As noticed, when the price of Good B is P(H) consumer willing to buy ten units. When price goes down to the P(M), consumers purchasing power increases and buys 35 units. And goes the same. Now, we construct the demand curve for a Good B with help of the price and quantity pair of the good. And will be look like as following graph.

1.2 Derivation of demand curve from income effect.
As we know from microeconomics course increase in income for normal will result in shift of the demand curve to the right. We can derive it from indifferance curve analysis to show this fact. The graph below illustrates three different budget constraints, each of them has a deifferent income level (YL, YM , YH). As the price of both goods unchanged(same) we find find the optimal consumption bundle.

Now, we have to draw demand curve for Good B. The key point here is prce of Good B has not changed. Then, we would come accross to the following graph with corresponding the parallel demand curves Y L, Y M, and Y H.

2.1 Consumer and producer surplus.
Coming to the terms consumer and prducer surplus, to explore this terms we need to have a look to the following praph. As can be seen, demand and supply curves are drawn and the euilibrium price has found. Consumer surplus is amount of money gained from difference how much they are willing to…...

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