microeconomic

Q1 (3x5=15 points) i. Explain three assumptions about the properties of consumers' preferences. ii. Define and draw price-consumption curve and Engel curve. iii. Derive and explain the below equation where MUz and MUs is the marginal utility of pizza and burger and Pz and Pa are the price of pizza and burrito, respectively. MUZ Pz iv. All goods, normal or inferior, satisfy the Law of Demand. Justify and explain. v. Derive the price elasticity of demand, & , from the following demand function: with x giving the demand, p the price and a and y as positive parameters