2B. The preference relation of a consumer is representable by an utility function u(z, y) competitive price system changes from an imitial p = (2, 1) to p' (1,1) then the Slutsky substitution effect concerning the demand of the first good (in absolute value) is (a) 500 (b) 100 (c) 0 (d) 80/3 (e) none of the previous four statements is correct. min {, y}, while his wealth amounts to m = 100. If the
2B. The preference relation of a consumer is representable by an utility function u(z, y) competitive price system changes from an imitial p = (2, 1) to p' (1,1) then the Slutsky substitution effect concerning the demand of the first good (in absolute value) is (a) 500 (b) 100 (c) 0 (d) 80/3 (e) none of the previous four statements is correct. min {, y}, while his wealth amounts to m = 100. If the
Chapter3: Preferences And Utility
Section: Chapter Questions
Problem 3.3P
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![2B. The preference relation of a consumer is representable by an utility
function u(z, y)
competitive price system changes from an initial p (2, 1) to p' = (1,1) then the
Slutsky substitution effect concerning the demand of the first good (in absolute
value) is
(a) 500
(b) 100
(c) 0
(d) 80/3
(e) none of the previous four statements is correct.
min {, y}, while his wealth amounts to m = 100. If the
!!
%3D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc533429f-d6cd-4370-8355-17fb8d46b636%2Fa18a16ff-b217-450c-91c7-6563afc32f68%2F11z0tbj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2B. The preference relation of a consumer is representable by an utility
function u(z, y)
competitive price system changes from an initial p (2, 1) to p' = (1,1) then the
Slutsky substitution effect concerning the demand of the first good (in absolute
value) is
(a) 500
(b) 100
(c) 0
(d) 80/3
(e) none of the previous four statements is correct.
min {, y}, while his wealth amounts to m = 100. If the
!!
%3D
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