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Engel Curves
-Engel curves relate quantity of good consumed to income.
-If good is a normal good, Engel curve is sloping upward.
-If good is an inferior good, the Engel curve is sloping downward.
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 equ
what is the relationship between TP, MP and AP
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