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Consider a consumer in a two-goods economy, Good 1 and Good 2
A) Using diagrams to illustrate your answer,
i) explain the (Slutsky) substitution effect of a change in the price of Good 1.
ii) explain the (Slutsky) income effect of a change in the price of Good 1.
B) Using diagrams to illustrate your answer, explain the Slutsky identity.
C) Using diagrams to illustrate your answer, explain and interpret the difference between the Slutsky substitution effect and the Hicksian substitution effect.
Describe the economic impacts of subsidizing beef, pork, corn, soybeans, rice, and wheat on U.S. food prices and food prices in other countries, and how any negative impacts can be minimized.
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as the fund manager for a large mutual fund you are preparing for a conference call with all your major investors.
Historical data suggests that in the athletic shoe industry, the price elasticity for shoes is approximately -0.67. Explain what price elasticity is, and how to interpret the stated elasticity for athletic shoes of -0.67.
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1. suppose that an individual has a utility function uc h lnc hcrepresents consumption of a necessity good such as
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