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Business Economics
Essay specific features
Written by:
Sonny M
Date added:
January 9, 2016
Level:
University
Grade:
A
No of pages / words:
3 / 689
Was viewed:
6484 times
Rating of current essay:
Essay content:
Price and quantity demanded are inversely related; therefore, this is the correct algebraic sign.
c) The slope parameter for income: - 0.03.
This would mean that good A is an inferior good because for every $1 increase in income, the consumer demanded 0.03 units less of the good. The equation displays a negative correlation between income and quantity demanded...
displayed 300 characters
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Price and quantity demanded are inversely related; therefore, this is the correct algebraic sign.
c) The slope parameter for income: - 0.03.
This would mean that good A is an inferior good because for every $1 increase in income, the consumer demanded 0.03 units less of the good. The equation displays a negative correlation between income and quantity demanded...
displayed 300 characters
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