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You consume only soda and pizza. One day, the price of soda goes up, the price of pizza goes down, and you are just as happy as you were before the price changes.
(A) Illustrate this situation on a graph.
(B) How does your consumption of the two goods change? How does your response depend on income and substitution effects?
(C) Can you afford the bundle of soda and pizza you consumed before the price changes?
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
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A typical university football event need alumni to join one of many booster club before the person can buy season tickets.
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