Business, 12.01.2021 18:10, nakeakohler13
1. Suppose that Jim uses his budget to purchase 100 units of Good X and 100 units of Good Y. When the price of Good X rises, he purchases 65 units of Good X and 95 units of Good Y. An economist calculates his compensated budget and finds that in that scenario, Jim would buy 80 units of Good X and 105 units of Good Y. Calculate the income effet.
2. Suppose that Jim uses his budget to purchase 100 units of Good X and 100 units of Good Y. When the price of Good X rises, he purchases 70 units of Good X and 95 units of Good Y. An economist calculates his compensated budget and finds that in that scenario, Jim would buy 80 units of Good X and 105 units of Good Y. Calculate the substitution eftect
3. Suppose that a consumer had a budget of $14 to spend on Good X and Good Y. The price of Good X is $5 and the price of Good Y is $2 The store selling Good X is offer a deal where you can buy one unit of Good X and get the next unit of Good X that you buy for 40% of the original price. Determine the X-intercept of the budget line for the consumer in this situation.
Answers: 1
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1. Suppose that Jim uses his budget to purchase 100 units of Good X and 100 units of Good Y. When th...
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