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Author Question: Your indifference curves for good X (horizontal axis) and good Y (vertical axis) are vertical lines ... (Read 392 times)

NClaborn

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on: Jul 1, 2018
Your indifference curves for good X (horizontal axis) and good Y (vertical axis) are vertical lines because you do not gain any satisfaction from consumption of Y.
 
  As the price of X declines, the change in consumption of X is entirely composed of the: A) income effect.
  B) substitution effect.
  C) Giffen effect.
  D) independent good effect.

Question 2

A demand curve of the form: Q = a - bP, where a and b are positive real numbers,:
 
  A) is an upward sloping straight line.
  B) has a constant price elasticity of demand.
  C) is a downward sloping straight line.
  D) is a parabolic curve.


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flannelavenger

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

C


NClaborn

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Reply 2 on: Jul 1, 2018
Excellent

covalentbond

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Reply 3 on: Yesterday
Wow, this really help

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