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A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py.
a. Derive the equation for the consumer's demand function for clothing.(15 marks)
b. Are X and Y normal goods?
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A market is nothing more or less than the locus of exchange, it is not of necessity a place, but easily buyers and sellers coming together for transactions. Transactions happen
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