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- Explain three basic sources of deviationsfrom PPP.
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- IF demand equation is Qdx=20+3M assume that the income of individuals are 500RO .What will be the Qd a )1520 b) 1250 c) 1500 d) 520Exercise B10 Would you expect, in some cases, to see only an income effect or only a substitution effect? Explain.Exercise D9 What is the marginal propensity to consume, and how is it related to the marginal propensity to import?
- Exercise D11 Why does the import function slope down? What is the marginal propensity to import?Exercise D14 What is an inflationary gap? A recessionary gap?Economics jj Consider the partial data set in the table represents online hours spent shopping by age and income. Using the min-max transformation to normalize Income, what is the average standard deviation of Income for the chart provided? Use the min-max transformation to normalize the observations for Income spent online. Age ID 2,201 2,202 2,203 2,204 2,205 2,206 Income 57,000 57,000 54,000 17,000 37,000 45,000 Multiple Choice 1.000 0.6875 51 48 45 35 33 31 Online Hours S459N4 2