A consumer is observed in two situations: with an income of $100, she buys 5 units of X at a price of $10 per unit and 10 units of good Y at a price of $5 per unit. With an income of $175, she buys 3 units of good X at a price of $15 per unit and 13 units of good Y at a price of $10 per unit. Do the actions of this consumer conform to the predictions of consumer theory? Explain
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When the price of pencils increases from $1.50 to $2.50, there is an increase in quantity demanded of pens from 100 to 150. the cross-price elasticity of demand between pencils and pens is: ?
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A consumer is observed in two situations: with an income of $100, she buys 5 units of X at a price o...
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