Economics Writing Help
It’s not often that a downturn in the economy leads to an upturn in consumer spending. But that’s what’s happening in one sector of the retail…
ItÃ¢â‚¬â„¢s not often that a downturn in the economy leads to an upturn in consumer spending. But thatÃ¢â‚¬â„¢s whatÃ¢â‚¬â„¢s happening in one sector of the retail industry. While many of the big chains in Western Australia are reporting a slump in sales, second-hand clothing shops run by charity groups are doing a roaring trade.
a. Use a graph to illustrate a familyÃ¢â‚¬â„¢s indifference curves for used clothing and other goods.b. In your graph in part (a), draw two budget lines to show the effect of a fall in income on the quantity of used clothing purchased.