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In a market for apples, a consumer purchases 30 pounds when the price of apples is $1 per pound and ...

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In a market for apples, a consumer purchases 30 pounds when the price of apples is $1 per pound and ...

In a market for apples, a consumer purchases 30 pounds when the price of apples is $1 per pound and the consumer's income is $5,000 per month. When the price of apples increases to $2 per pound, without any change in the consumer's income, she decides to purchase only 15 pounds of apples. Suppose, after a given period of time, the consumer's income falls to $3,000 per month. Her consumption of apples also decreases to 10 pounds. Using a graph, illustrate the difference between the change in quantity demanded and the change in demand for apples.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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mb83 Author

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Thanks

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this is exactly what I needed

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