Question
Suppose the consumers' total income is 100TL. Find observations about expenditure and prices (annual average). You will use an area with food and non-alcoholic beverage
Suppose the consumers' total income is 100TL. Find observations about expenditure and prices (annual average). You will use an area with food and non-alcoholic beverage on the horizonal axis and the sum of all other goods on the vertical axis (please use the total prices of all other goods) ACCORD?NG TO THE DATA OF THE PHOTOA) For the assigned three years, please draw the revealed preferences diagram of the consumers for goods in your regions using the three year observation in the table. Can you tell anything about the welfare of the consumers? Are they better off or worse off in these years?
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