Based on the following demand functions determine whether good 1 is a normal good or inferior good whether it is an ordinary good or Giffen good
Based on the following demand functions determine whether good is a normal good or inferior good whether it is an
Based on the following demand functions determine whether good is a normal good or inferior
functions determine whether good is a normal good or inferior good whether it is an ordinary good or Giffen good
Based on the following demand functions determine whether good is a normal
good or inferior good whether it is an ordinary good or Giffen good
Based on the following demand functions determine whether good is
Based on the following demand
Based on the following demand functions, determine whether good 1 is a normal good or inferior good, whether it is an ordinary good or Giffen good,

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Paper instructions

Based on the following demand functions, determine whether good 1 is a normal good or inferior good, whether it is an ordinary good or Giffen good, and whether good 2 is a substitute or complement for good 1 (a) x(p1,p2,m) = m / 3p1+p2 (b) x(p1,p2,m) = (m1/4 )(p11/4) / (p23/4) (hint: consider only the combinations of prices and incomes such that x1(p1,p2,m) ? m/p1, i.e., the analysis ignoring the possibility that x1(p1,p2,m) > m/p1).