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Dance fans switches away from Dance music to R&B music AND the price of MP3 players increases
substitution and income effect on inferior good
Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
how does the prices system affect a country
why slopes of is and lm curves affect effectivness of fiscal and mnetary policy?
compare marginal rate of technical substitution and marginal rate of substitution
Explain consumer sovereignty and why it might not be that extensive in real life. Explanation of consumer sovereignty Use of S/D model to show how changes in consumption pat
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages pai
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4
The raspberry growing industry is a perfectly competitive industry. The firms in the industry have a U-shaped LAC, minimum average cost is $8 and the minimum efficient scale is 4 u
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