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Author Question: Consider the income and substitution effects of price changes. For a product with an income ... (Read 94 times)

effaey

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on: Oct 12, 2022

Question 1

A demand curve for a normal good is downward sloping due to
◦ the substitution effect.
◦ the combination of income and substitution effects.
◦ the income effect.
◦ the Giffen effect.
◦ neither the substitution effect nor the income effect.

Question 2

Consider the income and substitution effects of price changes. For a product with an income elasticity greater than one, a price increase will cause the consumer's real income to
◦ rise and the quantity purchased to fall.
◦ fall and the quantity purchased to rise.
◦ rise and the quantity purchased to rise.
◦ fall and the quantity purchased to fall.
◦ remain constant.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by effaey on Oct 12, 2022

senorfranco

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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effaey

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

xiazhe

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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