8) Do you think principle of diminishing marginal utility is reasonable for electricity? Explain your answer. 9) Assume we draw the indifference curves of a typical consumers, having electricity as one of the goods, and all other goods as a whole, as the second good. Assume the indifference curved remained same, while price of electricity increases. Draw on a graph with indifference curve and budget line showing how the optimal consumption bundle did change. 10) How do you think MRS of electricity with respect to other goods of a typical consumer did change in last 10 years? Explain your answer. Show on a graph with indifference curves the effect of the change you predict. 11) Do you think a good which is initially an inferior can turn into a normal good? Explain your answer. 12) Write a factor which may make the consumer surplus a particular consumer get from a market higher, with respect to other consumers. 13) What do you think is cross price elasticity of Coca Cola with respect to different foods and drinks? How do you think cross price elasticity with respect other goods and drinks affect demand for Coca Cola? Explain your answer. 14) What economic information do we get from law of demand? 15) To what extend do you think indifference curve analysis is useful in modeling consumer behavior?
