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TRUE/FALSE 1. If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced. ANS: F DIF: 1 2. If good 1 is measured on the horizontal axis and go
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TRUE/FALSE 
1. If there are two goods with positive prices and the 
price of one good is reduced, while income and other 
prices remain constant, then the size of the budget set 
is reduced. 
ANS: F DIF: 1 
2. If good 1 is measured on the horizontal axis and good 
2 is measured on the vertical axis and if the price of 
good 1 is p1 
and the price of good 2 is p2 
, then the 
slope of the budget line is −p2 
/p1 
. 
ANS: F DIF: 1 
3. If all prices are doubled and money income is left the 
same,...
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Intermediate Microeconomics Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A Discounted Favorably
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Intermediate Microeconomics Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A 
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Intermediate Microeconomics Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+
- Summary • 89 pages • 2023
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Intermediate Microeconomics Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ 
Contents 
1 The Market 4 
2 Budget Constraint 8 
3 Preferences 10 
4 Utility 14 
5 Choice 18 
6 Demand 24 
7 Revealed Preference 27 
8 Slutsky Equation 30 
9 Buying and Selling 33 
10 Intertemporal Choice 37 
12 Uncertainty 39 
14 Consumer Surplus 43 
15 Market Demand 46 
18 Technology 48 
19 Profit Maximization 52 ...
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Intermediate Microeconomics (2) Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+
- Summary • 69 pages • 2023
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Intermediate Microeconomics (2) Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ 
Contents 
1 Introduction 5 
1.1 Prologue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 
1.2 Demand-supply analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 
1.2.1 Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 
1.2.2 Comparat...
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INTERMEDIATE MICROECONOMICS 301 Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+
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INTERMEDIATE MICROECONOMICS 301 Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ 
Question One 
A Consumer’s utility function for goods X and Y is represented by: 
U(xy) = x2 
y. Assume her income is Kshs 1,500. The prices of goods x and y are Kshs 4 and Kshs 10, 
respectively. Given this information: 
 What is the optimal consumption bundle (x y), given income and prices? 
(10 Marks) 
...
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TEST BANK Intermediate Microeconomics NINTH EDITION Hal R. Varian Theodore C. Bergstrom James E. West (complete, answered, workouts) 2023 100% PERFECT SCORE
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QUESTIONS AND ANSWERS
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TEST BANK Intermediate Microeconomics 2023 100% PERFECT SCORE
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QUESTIONS AND ANSWERS
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