A sakai.plu.eduNetflixYouTubeDashboard160210For the consumer whose choices are shown in the diagram above, the income26effect of the price change you identified in problem 6 is represented by themovement from bundle310360Fossil FuelsBL2IC2BL,Renewable FuelsX,OA. A to bundle BOB. E to bundle COC. A to bundle COD. C to bundle BOE. None of the aboveReset SelectionO Mark for Review What's This?O0DO00F3F4F5F7F8F9F10O O O C

Under Hicks substitution method, when there is a price(P) change, the consumer(C) adjusts his money income(Y) in such a way that the purchasing-power of the consumer(C) is enough to afford another bundle providing him the same utility(U) as the original utility(U) curve.Option (A) is ‘incorrect’ because the movement from bundle A to bundle B is the effect of price(P) change before the consumer(C) actually adjusted his income(Y). Option (B) is ‘incorrect’ because the movement from bundle E to bundle C does not indicate income(Y) effect. Option (C) is ‘incorrect’ because the movement from bundle A to bundle C indicates substitution-effect. Option (D) is ‘correct’ because the movement from bundle C to bundle B indicates income-effect. Option (E) is ‘incorrect’ because the ‘correct’ option is given as D. Therefore, the ‘correct’ option is D.

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Economics

210 For the consumer whose choices are shown in the diagram above, the income effect of the price change you identified in problem 6 is represented by the 26 31 movement from bundle 36 Fossil Fuels BL2 BL IC2 IC, Renewable Fuels X2 OA. A to bundle B OB. E to bundle C OC. A to bundle C OD. C to bundle B OE. None of the above Reset Selection Mark for Review What's This?

210 For the consumer whose choices are shown in the diagram above, the income effect of the price change you identified in problem 6 is represented by the 26 31 movement from bundle 36 Fossil Fuels BL2 BL IC2 IC, Renewable Fuels X2 OA. A to bundle B OB. E to bundle C OC. A to bundle C OD. C to bundle B OE. None of the above Reset Selection Mark for Review What's This?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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