The format of the assessment process on modules may change from semester to semester. This may not be the current format for your module. Always check with the relevant module leader what the precise, current format is before you begin to prepare for the assessment on any given module. ALL questions in this section. Apples and peaches are substitutes.
Bad weather prevents a proportion of the peach crop being successfully harvested.
Use demand and supply diagrams to show the effect on both the peach and apple markets. Give an example of cross-elasticity, showing how a change in the price of a good affects a substitute. Define marginal utility. Give the formula for utility maximisation by a consumer. The change in the budget line when Px becomes 60.