|
Title: The real-income effect refers to Post by: drewster127 on Mar 3, 2019 Question 1. Initially, a consumer is at an optimum. Then the price of Y decreases. Consequently• MUX/PX = MUY/PY. • MUX/PX > MUY/PY. • MUX/PX < MUY/PY. • MUX > MUY. Question 2. The real-income effect refers to• the change in purchasing power when the price of a good changes. • substitution of less expensive commodities for more expensive commodities. • the law of diminishing marginal utility. • the want-satisfying power of a good or service. Title: The real-income effect refers to Post by: Nikki_LYNN on Mar 3, 2019 Content hidden
Title: The real-income effect refers to Post by: drewster127 on Mar 3, 2019 Thank you
|