2-1 Justin's demand for good 1 is given by the formula: 2 (P1, P2, I) = Suppose.. 4-P1+6-p2 Pi=$7/unit P2=$4/unit and I=$214 By how much will Justin's consumption of good 1 change if all prices AND his income were t increase by the same percent, as is the case here, this is called "pure inflation"). (Note: The numbers may change between questions, so read carefully) (Note: The answer may not be a whole number, so round to the nearest hundredth) 2-1 Justin's demand for good 1 is given by the formula: 2f (P1, P2, I) = how mucl %3D 4-Pz+6•P2 1=$2/unit 2=$2/unit nd =$531 lote: The numbers may change between questions, so read carefully) Jote: The answer may not be a whole number, so round to the nearest hundredth)

2-1 Justin's demand for good 1 is given by the formula: 2 (P1, P2, I) = Suppose.. 4-P1+6-p2 Pi=$7/unit P2=$4/unit and I=$214 By how much will Justin's consumption of good 1 change if all prices AND his income were t increase by the same percent, as is the case here, this is called "pure inflation"). (Note: The numbers may change between questions, so read carefully) (Note: The answer may not be a whole number, so round to the nearest hundredth) 2-1 Justin's demand for good 1 is given by the formula: 2f (P1, P2, I) = how mucl %3D 4-Pz+6•P2 1=$2/unit 2=$2/unit nd =$531 lote: The numbers may change between questions, so read carefully) Jote: The answer may not be a whole number, so round to the nearest hundredth)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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