Analysis of microeconomicsSuppose the consumers total income is 100 TL. Please find the observations on the expenditures and prices of the goods (yearly average). Various Goods and Service, you will use a space with Various Goods and Service on the horizontal axis, and the sum of all other goods on the vertical axis (Please use an average of the prices of all other goods).a. For the assigned three years (2005-2007), please draw the revealed preferences diagram of the consumers for the various good and service in your TR41 regions by using three years observation you assigned. Can you tell anything about the welfare of the consumers? Are they better off or worse off in these years?b. Please find the ratio of marginal utilities assuming that optimal choices made.c. Please calculate the price elasticity of demand for two years.d. Please find the demand equation for two years and draw them.
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