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ECON-1010-D1/D2-Introduction to Microeconomics
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Ron starts out in consumer equilibrium, consuming two goods, X and Y. Ron's income rises. At this point, we can definitely conclude that
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Use the figure below to answer the following questions.
Figure 9.3.3
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Use the figure below to answer the following questions.
Figure 9.1.2
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Use the information below to answer the following questions.Fact 9.3.1Marc has an income of $20 and spends it on two goods, root beer (measured on the vertical axis) and chips (measured on the horizontal axis). The price of root beer is $1 a can. The price of chips is $0.50 a bag. Initially, Marc chooses to consume 10 cans of root beer and 20 bags of chips. Then the price of root beer rises to $1.50 per can and the price of chips falls to $0.25 a bag.Refer to Fact 9.3.1. When the price of a bag of chips falls, Marc
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Use the figure below to answer the following questions.
Figure 9.3.4Original equilibrium at A, new equilibrium at B
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Use the information below to answer the following questions.Fact 9.2.1 You May Be Paid More (or Less) Than You ThinkIt's so hard to put a price on happiness, isn't it? But if you've ever had to choose between a job you like and a better-paying one that you like less, you probably wished some economist would tell you how much job satisfaction is worth. Trust in management is by far the biggest component to consider. Say you get a new boss and your trust in management goes up a bit (say, up 1 point on a 10-point scale). That's like getting a 36 percent pay raise. In other words, that increased level of trust will boost your level of overall satisfaction in life by about the same amount as a 36 percent raise would.Source: CNN, March 29, 2006Refer to Fact 9.2.1. The news clip implies that the marginal rate of substitution is ________, which is likely ________ implication.
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Use the table below to answer the following questions.
Table 8.2.1
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Which of the following statements is (are) true?
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Use the information below to answer the following questions.Fact 9.3.2 Hamptons Glamour Finds a Humbler HomeLucy Martin collected and sold vintage clothing in the wealthy Hamptons, but in the recession of 2008, her sales fell. She eventually moved her shop to Tannersville, N.Y., where her expenses are 70 percent less than they were in the Hamptons.Source: The New York Times, December 22, 2016Refer to Fact 9.3.2. According to the news clip, vintage clothing is ________ good. If the price of vintage clothing falls and income remains the same, the quantity of used clothing bought ________.
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