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A consumer consumes 2 goods (X and Y) and has convex indifference curves for the two goods. In period 1 the price of each good is 2 and the consumer’s income is 8. In period 2 income and the price of Y are constant, but the price of X declines to 1. Suppose X is a normal good.
a. On a single graph, draw and label the budget lines for period 1 and period 2, and sketch in and label indifference curves associated with the optimal consumption bundles in the two periods.
b. On the same graph, sketch in and label the substitution effect and the income effect.
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When price controls are imposed on any product market,
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Assume that a nation’s marginal propensity to consume is 0.9, and that its potential GDP exceeds its actual real GDP by $5000. By how much should that nations government change taxes in order to completely close that GDP gap?
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Whenever a determinant of supply other than ---------price changes, the supply curve shifts. Elasticity is. When the price of used cds is $4, Daphne buys five per month. When the ----- price is $3, she buys nine per month. If the price of milk ris..
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Which of the following is a payroll tax?
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