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The following is intended to explore what kinds of own-price demand relationships are logically possible in a two-good model with exogenous income (unless otherwise specified). For each of the following, indicate whether the relationship is possible or no
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The following is intended to explore what kinds of own-price demand relationships are logically possible in a two-good model with exogenous income (unless otherwise specified). For each of the following, indicate whether the relationship is possible or not and explain: (a) Tastes are homothetic an...
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