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Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x, y) = lnx + 2lny (MUx = 1/x, MUy = 2/y).
a. Derive his demand functions for x and y. Are they homogeneous in income and prices?
b. Assuming I = $60 and px = $1, graph his demand curve for y.
c. Repeat part (b) for the case in which px = $2.
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The primary difference between the aggregate demand curve and an individual demand curve is that:
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An industry which has no barriers to entry, no product promotion strategy, a standardized product, and a very large number of firms operating within it, is said to have:
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