Business, 12.04.2021 20:30 sewolf1234

True or false. The first word of your answer has to be either true or false. If the first word of your answer is not true or false, you receive 0 points. If the statement is
true you are finished answering. If your answer is false, briefly explain why it is false.
a. "The income effect always operates in the opposite direction as the substitution effect."
For b, c and d, assume the consumption bundle consists of 2 goods; X and Y.
b. "It is possible for X and Y to both be inferior goods."
c. "It is possible for both X and Y to both be normal goods."
d. "It is possible for X and Y to both be Giffen goods."
For parts e, f and g use the following information
Food Clothing
A 15 18
B 13 19
C 14 17
Baskets B and C are on the same indifference curve.
e. A is preferred to B
f. A is preferred to C
g. A is on the same indifference curve as C

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