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A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py.
a. Derive the equation for the consumer's demand function for clothing.(15 marks)
b. Are X and Y normal goods?
discuss the implications of various market structures(competitive and non-competitive) for price determination
Measuring the Economic Value of Education A review of research works regarding the economic value of education shows that it developed in four different directions. They a
Answer the following question Focus on Real Estate Development Normal 0 false false false EN-IN X-NONE X-NONE
In the long-run equilibrium, each firm in a perfectly competitive industry will choose the plant size associated with minimum long-run average cost. Is this TRUE or FALSE? And why?
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price of laptop increases by 20% and there is a 40% drop in the quantity demanded?
The Acme Bakery in the seaside resort town of Malvino sells freshly baked bread to two categories of consumers: residents of the town and tourists. The weekly demand from touris
China had to convert its yuan into dollars. Does that cause the dollar to appreciate or depreciate?
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Discuss the impact of rational self-interest on each of the following decisions
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