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- Please explain two principal variables that have determined the commodification by giving examples.Imagine that a hypothetical economy produces three items food, clothes and Aluminum and a typical consumer buys food and clothing only. The table below shows the hypothetical results.In PPP what do you think will happen if there is a discrepancy in the prices of identical commodities?
- Akua is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread. Akua also earns a typical student income from the parents, GHS 400 a month. She can either spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200 loaves. (a) Assuming that Yoghurt and Bread are compliments for Akua, construct the equation for Akua’s Budget Line for her to consume all her income of GHS 400. (b) What if Yoghurt is so SOUR that Akua needs 2 loaves of bread for every Yoghurt that she consumes?Define veblen goods and give some example.Quantity of Potato Chips E Quantity of Diet Coke Refer to the figure. What point does NOT represent a possible consumption option? a) point A b) point B c) point D d) point E