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Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
EXPLAIN KINKED DEMAND CURVE
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assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer
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