If the market of good 1 doubles and the price of good 2 triples , the budget line will pivot down. b) If an individual demand curves are linear , so the market demand curve. c) Roughly circular indifference curves are implausible for standard consumers.
If the market of good 1 doubles and the price of good 2 triples , the budget line will pivot down. b) If an individual demand curves are linear , so the market demand curve. c) Roughly circular indifference curves are implausible for standard consumers.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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All the following statements are false, in general .For each statement , give a brief explanation of why it is false and an example of a case when its true, if ever.
a) If the market of good 1 doubles and the price of good 2 triples , the budget line will pivot down.
b) If an individual demand curves are linear , so the market demand curve.
c) Roughly circular indifference curves are implausible for standard consumers.
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