Consider a consumer with preferences defined over x and y, Business Economics

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Consider a consumer with preferences defined over x and y

a. Consider a consumer with preferences defined over x and y. Is it possible that they would choose to consume some of both commodities when their income is I but would choose to consume only x when their income is I’ > I? If so, depict such a case. Otherwise, explain why not.

b. Conversely, is it possible that they would choose to consume only x when their income is I but would choose to consume x and y when their income is I’ > I? If so, depict such a case. Otherwise, explain why not.

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Business Economics: Consider a consumer with preferences defined over x and y

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Business Economics: Consider a consumer with preferences defined over x and y

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