Giffen goods Study guides, Class notes & Summaries
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ECON 103 Show the effect of a rise in income on the demand for X and Y.
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ECON 103 Show the effect of a rise in income on the demand for X and Y. 
 
 
 
 
 
 
Show the effect of a rise in income on the demand for X and Y where this time Y is the inferior good and X is the normal good. Is the income–consumption curve positively or negatively sloped? 
Answer 
The curve will slope upwards at first, but become less and less steep. It will then peak at the point where Y becomes an inferior good, and will thereafter slope downwards (i.e. have a negative slope). 
 
Illustr...
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WGU C211 Global Economics for Managers Test Solved 100%
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Absolute Advantage - Answer The economic advantage one nation enjoys that is absolutely superior to other nations. 
 
Accounting Profit - Answer Total revenue minus total explicit cost 
 
Acquisition - Answer a wholly owned subsidiary is created through direct foreign investment. 
 
Administrative Policy - Answer Bureaucratic rules that make it harder to import foreign goods. 
 
Agglomeration - Answer Clustering of economic activities in certain locations. Beyond geographic advantages, location-...
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IB Economics HL 2023 with complete solution
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Ceteris paribus 
all other things are being held equal 
 
 
 
positive economics 
matters of economics that can be proven to be right or wrong by looking at the facts 
 
 
 
normative economics 
matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong 
 
 
 
scarcity 
the limited availability of economic resources relative to societys unlimited demand for goods and services 
 
 
 
land 
the physical factor of production. It consists of natural re...
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CFA LEVEL 1 QUESTIONS AND ANSWERS
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CFA LEVEL 1 QUESTIONS AND 
ANSWERS 
What are the 4 types of measurement scales? - CORRECT ANSWER-1. Nominal 
Scales 
2. Ordinal Scales (Assigned to a category) 
3. Interval Scales (Relative ranking) 
4. Ratio Scales (Equal differences between scale values) 
NOIR 
When do we use geometric and arithmetic means to analyze investment returns? - 
CORRECT ANSWER-Arithmetic Mean: To estimate next year's return 
Geometric Mean: Measure of past performance 
What are the 3 different types of probabilit...
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CFA LEVEL 1 QUESTIONS AND ANSWERS
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CFA LEVEL 1 QUESTIONS AND 
ANSWERS 
What are the 4 types of measurement scales? - CORRECT ANSWER-1. Nominal 
Scales 
2. Ordinal Scales (Assigned to a category) 
3. Interval Scales (Relative ranking) 
4. Ratio Scales (Equal differences between scale values) 
NOIR 
When do we use geometric and arithmetic means to analyze investment returns? - 
CORRECT ANSWER-Arithmetic Mean: To estimate next year's return 
Geometric Mean: Measure of past performance 
What are the 3 different types of probabilit...
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CFA LEVEL 1 QUESTIONS AND ANSWERS
- Exam (elaborations) • 6 pages • 2023
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CFA LEVEL 1 QUESTIONS AND 
ANSWERS 
What are the 4 types of measurement scales? - CORRECT ANSWER-1. Nominal 
Scales 
2. Ordinal Scales (Assigned to a category) 
3. Interval Scales (Relative ranking) 
4. Ratio Scales (Equal differences between scale values) 
NOIR 
When do we use geometric and arithmetic means to analyze investment returns? - 
CORRECT ANSWER-Arithmetic Mean: To estimate next year's return 
Geometric Mean: Measure of past performance 
What are the 3 different types of probabilit...
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CFA level 1 Exam With Complete and Correct Answers 2023
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CFA level 1 Exam With Complete and 
Correct Answers 2023 
private value auctions - CORRECT ANSWER-Value is subjective and different to each 
bidder 
Ascending price (English) auction - CORRECT ANSWER-Bidders can bid amounts 
greater than the previous bid, and the bidder that first offers the highest bid wins the 
item and pays the amount 
Sealed bid auction - CORRECT ANSWER-Each bidder submits one bid, which is 
unknown to the other bidders and the bidder with the highest bid wins the item ...
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TEST BANK FOR CHAPTER 3: Demand Curves
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MULTIPLE CHOICE 
1. Which of the following functional forms for utility suggests the greatest substitution effect 
when starting at the point where PX = PY 
a. U = min (X, Y) 
b. U = X + Y 
c. U = X1/2Y 
1/2 
d. U = X1/4Y 
3/4 
ANS: b 
2. With only two goods, if the income effect is in the same direction as the substitution effect 
then the good is 
a. normal 
b. inferior but not Giffen 
c. Giffen 
d. There is not enough information to answer. 
ANS: a 
3. With only two goods, if the income effec...
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ECS 2601 Exam Memo
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QUESTION 1 (15 marks) 
In this question, write whether each statement is true or false. Fully explain your answer, 
using a diagram if appropriate. 
1.1 Michael only consumes two goods: X and Y. If X is a Giffen good for Michael, then Y must 
be a normal good for Michael. 
True. A Giffen good is an inferior good. Since Michael only consumes two 
goods, they cannot both be inferior goods. Therefore, Y is a normal good. 
(It is important to explicitly point out explicitly that Giffen goods are a s...
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Understanding the Information Economy Indifference Curves and Budget Line Lecture Notes
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You will find the essential information from Understanding the Information Economy's Week 1 lecture content as well as practice question and answers. It provides detailed notes and information regarding the topic of indifference curves and budget lines.
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