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Income and Substitution Effects
A fall in price of a good has the two effects: Substitution & Income
-Substitution Effect
- Income Effect
short run equilibbrium
Explain about the optimal consumption rule. The optimal consumption rule: While a consumer maximizes utility, the marginal utility per dollar spent should be similar for all
1. National Marine Fisheries Service is considering closing a large area of federal waters to fishing in Alaska due to negative interactions of fishing with endangered Steller sea
#queUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more wome
why risk averse consumers pay premium for insurance to convert an uncertain outcome to a certain one?
Consider the market for purple magic markers. The demand for purple magic markers is perfectly elastic and the supply is upward sloping. If sellers of purple magic markers are taxe
The process of production needs several inputs. These inputs are known as the factors of production. In most cases, firms own some of the factors of production while some have to b
measures to control business cycle
what is the relevance of microeconomic analysis in contemporary Nigerian economy
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
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