Problem
Pick a commodity that you would like to study consumption patterns for (how changes in the price of this commodity impact demand). Draw a graph representing your individual demand for this good (no need to get specific with actual equations, just approximate the lines on a graph). Your consumption bundle will be for X1 (the commodity you are concerned with) and X2 (which will represent all other goods you spend your money on). Include your original budget line, your indifference curves, and show how a change in the price of that good shifts your budget line, and thus affects your quantity demanded. Label the axes of the graph, your budget lines, and your optimal bundles.
i. How did your individual demand curve move? Up or down?
ii. Explain the behavior of the curve. What "kind" of good did you choose?