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nursemegan nursemegan
wrote...
Posts: 478
Rep: 4 0
4 years ago

Question 1.

Assume Sally is initially in equilibrium and that X and Y are normal goods for her. Then the price of X rises. For Sally to move to a new equilibrium point, her consumption of



▸ X must remain constant, but her consumption of Y must increase.

▸ X must decrease.

▸ X must increase.

▸ both X and Y must increase.

Question 2.

As you move up an indifference curve, the absolute value of the slope



▸ increases.

▸ decreases.

▸ remains constant.

▸ initially increases and then decreases.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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peaceout3000peaceout3000
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Posts: 380
4 years ago
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nursemegan Author
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4 years ago
Thanks
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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2 hours ago
Thanks
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