Homework Answers
It is true statement. Both the goods cannot be inferior goods; at least one would be a normal good. If a person consumes only good 1 and good 2, then any increase in income must be spent on either good 1, or good 2, or both (we are assuming there are no savings and more of any good would be preferred to less, even when the good is an inferior good). If good 1 is an inferior good, then with rise in income it's consumption decreases. With no change in prices, the extra income not spent on good 1 would now be spent on good 2. Thus with an increase in income increases, more is spent on good 2, which means good 2 is a normal good
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3. Is the following statement true or false? "If consumers spend their entire income on two...
Q1 For each of the following statements, state whether it is (always) true or not, and...
Q1 For each of the following statements, state whether it is (always) true or not, and provide a brief but formal explanation. a An inferior good is a necessity. b A normal good is a luxury. c If Mike buys more economics books as his income rises, then economics books are a luxury for him. d If Teddy buys less math books as his income rises, then math books are a Giffen good for him. e Suppose that there are...
1) Choose whether this statement is true or false and explain please a. In a two-good...
1) Choose whether this statement is true or false and explain please a. In a two-good world if one good is an inferior good the other good must be a luxury. b. When the price of a good changes, the substitution effect can be found by comparing the equilibrium quantities purchased on the new budget line and a hypothetical budget line that is a shift back to the original indifference curve parallel to the new budget line. c. A Giffen...
Explain whether the following statement is true, false, or uncertain. A consumer consumes two categories of...
Explain whether the following statement is true, false, or uncertain. A consumer consumes two categories of goods x and y. If an increase in the price of y does not increase the consumer's consumption of x, then this consumer must consider x to be an inferior good.
Indicate whether each of the following statements is true or false. Statement True False Two countries can...
Indicate whether each of the following statements is true or false. Statement True False Two countries can gain from specialization and trade as long as they have different opportunity costs in the production of some goods. The gains from specialization and trade are based on absolute advantage. If a certain trade is good for one country, it must be good for the other country. Two individuals can benefit from trade even if neither has a comparative advantage in some activity. Workers in importing industries are...
Identify the following statement as true or false. Give a brief explanation for your answer. When...
Identify the following statement as true or false. Give a brief explanation for your answer. When n = 3, l=2, ml must be +3.
Part I: Determine whether each of the following statements is TRUE or FALSE, and write a...
Part I: Determine whether each of the following statements is TRUE or FALSE, and write a short explanation for your answer (You are required to write a short explanation of your answer to earn the full grade for the question!) Higher levels of competition in the market structure lead to a loss of social welfare since firms are spending significant resources to compete with one another The business cycle affects income, unemployment rates, and inflation rates. These economic environment factors...
Part I: Determine whether each of the following statements is TRUE or FALSE, and write a...
Part I: Determine whether each of the following statements is TRUE or FALSE, and write a short explanation for your answer (You are required to write a short explanation of your answer to earn the full grade for the question!) Higher levels of competition in the market structure lead to a loss of social welfare since firms are spending significant resources to compete with one another. The business cycle affects income, unemployment rates, and inflation rates. These economic environment factors...
Write true or false for each of the following statements. Provide justification for each answer—if true,...
Write true or false for each of the following statements. Provide justification for each answer—if true, give a brief explanation. If false, either provide a counterexample or contrast the statement with a similar true statement, explaining why the two cases differ. (5 points) Suppose a fish population obeys the differential equation de la = P(20 – P) –h, where h is the harvesting rate. Then 20 is the maximum harvesting rate.
Write true or false for each of the following statements. Provide justification for each answer—if true,...
Write true or false for each of the following statements. Provide justification for each answer—if true, give a brief explanation. If false, either provide a counterexample or contrast the statement with a similar true statement, explaining why the two cases differ. (5 points) The functions ePX and eq* are linearly independent when p + q.
True or false: Clearly write whether the statement is true or false in the blank. Write...
True or false: Clearly write whether the statement is true or false in the blank. Write a brief explanation for the reasoning used to arrive at your answer in the space provided, 1 point each. 1) A transverse mechanical wave passes through a material. This is a transverse wave if portions of the material undergo simple harmonic motion in the direction of the wave's motion Answer 2) Two longitudinal waves with different amplitudes are observed. The wave with the greatest...
Q1 For each of the following statements, state whether it is (always) true or not, and provide a brief but formal explanation. a An inferior good is a necessity. b A normal good is a luxury. c If Mike buys more economics books as his income rises, then economics books are a luxury for him. d If Teddy buys less math books as his income rises, then math books are a Giffen good for him. e Suppose that there are...
Indicate whether each of the following statements is true or false. Statement True False Two countries can gain from specialization and trade as long as they have different opportunity costs in the production of some goods. The gains from specialization and trade are based on absolute advantage. If a certain trade is good for one country, it must be good for the other country. Two individuals can benefit from trade even if neither has a comparative advantage in some activity. Workers in importing industries are...
Part I: Determine whether each of the following statements is TRUE or FALSE, and write a short explanation for your answer (You are required to write a short explanation of your answer to earn the full grade for the question!) Higher levels of competition in the market structure lead to a loss of social welfare since firms are spending significant resources to compete with one another The business cycle affects income, unemployment rates, and inflation rates. These economic environment factors...
Part I: Determine whether each of the following statements is TRUE or FALSE, and write a short explanation for your answer (You are required to write a short explanation of your answer to earn the full grade for the question!) Higher levels of competition in the market structure lead to a loss of social welfare since firms are spending significant resources to compete with one another. The business cycle affects income, unemployment rates, and inflation rates. These economic environment factors...
Write true or false for each of the following statements. Provide justification for each answer—if true, give a brief explanation. If false, either provide a counterexample or contrast the statement with a similar true statement, explaining why the two cases differ. (5 points) Suppose a fish population obeys the differential equation de la = P(20 – P) –h, where h is the harvesting rate. Then 20 is the maximum harvesting rate.
Write true or false for each of the following statements. Provide justification for each answer—if true, give a brief explanation. If false, either provide a counterexample or contrast the statement with a similar true statement, explaining why the two cases differ. (5 points) The functions ePX and eq* are linearly independent when p + q.
True or false: Clearly write whether the statement is true or false in the blank. Write a brief explanation for the reasoning used to arrive at your answer in the space provided, 1 point each. 1) A transverse mechanical wave passes through a material. This is a transverse wave if portions of the material undergo simple harmonic motion in the direction of the wave's motion Answer 2) Two longitudinal waves with different amplitudes are observed. The wave with the greatest...
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