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With the recession, average incomes have fallen from $44,375 to $41,720. Before the recession Groucho's Gizmos sold 600 gizmos a month. As an economics, predict the number of gizmos that will be sold for the following income elasticities and explain what type of good a gizmo is in the eyes of consumers (you must use the income elasticity coefficient to explain your answer).
a) EI = 1.5 b) EI = 0.5 c) EI = -2.0
how slustky equation provides neat analytical expression for substitution and income effect?
causes of monopoly
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if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
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