a. Consumers often know that prices of goods will fall as the season progresses, however they still buy these goods at the start of the season when prices are high. Briefly explain why consumers will still prefer to buy early in the season and pay higher prices. In addition, use diagrams to illustrate the demand curve for clothes at the start and end of the season.

b. using a diagram, illustrate a person's indifference map for two goods X and Y, and indicate the optimum consumption point. Further illustrate a fall in the person's income and a fall in the price of good Y, with the result that the consumption of Y remains constant (but that of X falls).