Mathematics, 26.11.2019 22:31 robot2998
Matt's ordinary demand function for commodity x1(p1, p2, i)=(3i)/p1. how will a 1% increase in p1 affect matt's expenditures on x1 (use our approximization formula here)?
(a) his expenditure on x1 will increase by 1%
(b) his expenditures on x1 will not change.
(c) his expenditures on x1 will decrease by 1%.
(d) it is not possible to determine how matt's expenditures will change from the information given.
Answers: 1
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Trent wants to buy 2 packs of trading cards for 3 dollars each. the trading card packs that trent normally buys tend to come in packs of 6, 10, 12, or 15 cards. after selecting 2 packs, trent found that the first pack of cards cost 25 cents per card, and the second pack cost 30 cents per card. trent uses this information to write the equations below in order to compare c, the number of cards in each pack.
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Matt's ordinary demand function for commodity x1(p1, p2, i)=(3i)/p1. how will a 1% increase in p1 af...
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