Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 9, Problem 13APA
To determine
Real income.
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Explain the impact of the change in consumer's income on the demand of goods and services.
Chapter 9 Solutions
Microeconomics (13th Edition)
Ch. 9.1 - Prob. 1RQCh. 9.1 - Prob. 2RQCh. 9.1 - Prob. 3RQCh. 9.1 - Prob. 4RQCh. 9.1 - Prob. 5RQCh. 9.2 - Prob. 1RQCh. 9.2 - Prob. 2RQCh. 9.2 - Prob. 3RQCh. 9.2 - Prob. 4RQCh. 9.3 - Prob. 1RQ
Ch. 9.3 - Prob. 2RQCh. 9.3 - Prob. 3RQCh. 9.3 - Prob. 4RQCh. 9.3 - Prob. 5RQCh. 9 - Prob. 1SPACh. 9 - Prob. 2SPACh. 9 - Prob. 3SPACh. 9 - Prob. 4SPACh. 9 - Prob. 5SPACh. 9 - Prob. 6SPACh. 9 - Prob. 7SPACh. 9 - Prob. 8SPACh. 9 - Prob. 9SPACh. 9 - Prob. 10SPACh. 9 - Prob. 11SPACh. 9 - Prob. 12APACh. 9 - Prob. 13APACh. 9 - Prob. 14APACh. 9 - Prob. 15APACh. 9 - Prob. 16APACh. 9 - Prob. 17APACh. 9 - Prob. 18APACh. 9 - Prob. 19APACh. 9 - Prob. 20APACh. 9 - Prob. 21APACh. 9 - Prob. 22APACh. 9 - Prob. 23APACh. 9 - Prob. 24APACh. 9 - Prob. 25APACh. 9 - Prob. 26APACh. 9 - Prob. 27APACh. 9 - Prob. 28APACh. 9 - Prob. 29APACh. 9 - Prob. 30APA
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- If a consumer's income decreases, what will happen to the budget line? It will shift outward. It will become steeper. It will become flatter. It will shift inward.arrow_forwardMarie has a weekly budget of $24. Pie's are $12. Magazine's are $4. What is the maximum number of pies Marie can buy in a week? What is the maximum number of magazines Marie can buy in a week?arrow_forwardJayden's grandmother gives him $240$240 each month, which he spends on pizzas and burgers. Usually, he buys 44 pizzas for $180$180 and spends the remaining $60$60 on 44 burgers. However, the price of 11 pizza has increased by $5$5; the price of a burger has not changed. Now, Jayden will buy only 33 pizzas per month.Calculate how many burgers Jayden can afford to buy if he still wants to spend all the money. If necessary, round any intermediate calculations to two decimal places. For your final answer, write the exact value; do not round.arrow_forward
- Akram spends all of his income on food and clothing. When the price of clothing decreases, he buys more clothing.Does the income effect cause her to buy more or less clothing? Explain.arrow_forwardFor each of the following events, consider how you might react. What things might you consume more or less of? Would you work more or less? Would you increase or decrease your saving? Are your responses consistent with the discussion of household behavior in this chapter? a. You have a very close friend who lives in another city, a 3-hour bus ride away. The price of a round-trip ticket rises from $20 to $45. b. Tuition at your college is cut 25 percent. c. You receive an award that pays you $300 per month for the next 5 years. d. Interest rates rise dramatically, and savings accounts are now paying 10% interest annually. e. The price of food doubles. (If you are on a meal plan, assume that your board charges double.) f. A new business opens up nearby offering part-time jobs at $20 per hour.arrow_forwardSharon spends all of her income on peaches and strawberries. Peaches are a normal good for her. Her income increased by 20 percent and prices did not change. Her consumption of strawberries could not have increased by more than 20 percent.arrow_forward
- Assume that a college student spends her income on books and pizza. The price of a pizza is $8.00, and the price of a book is $15. If she has $100 of income, she could choose to consumearrow_forwardIndividuals who buy second homes usually spend less. Why is this the case?arrow_forwardYou have just opened a new grocery store. Every item you carry is generic (generic beer, generic bread, generic chicken, etc.). You recently read an article in the Wall Street Journal reporting that the price of recreation is expected to increase by 15 percent. How will this affect your store’s sales of generic food products?arrow_forward
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