Brady, who has ordinary-shaped indifference curves, buys 16 ounces of salt each year. Even when the price of salt doubles, Brady continues to purchase exactly 16 ounces. a. Use indifference curves and budget constraints to depict Brady's behaviour graphically Put salt on the horizontal axis and a composite good on the vertical axis b. True or False (and explain): Salt is neither inferior nor normal to Brady. c. What is Brady's price elasticity of demand for salt? d. What can we say about Brady's income elasticity of demand for salt? e. What can we say about the substitution and income effects of a change in the price of salt?
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Brady, who has ordinary-shaped indifference curves, buys 16 ounces of salt each year. Even when the...
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