3. In the following diagrams, the black dots represent points where the illustrated lines are tangent to indifference curves. Figure A Figure B Figure C a. In which figure(s) is X a normal good? b. In which figure(s) is X a Giffen good? c. In which figure(s) is Y an inferior good? d. In which figure(s) is Y a Giffen good? Figure D Figure E

3. In the following diagrams, the black dots represent points where the illustrated lines are tangent to indifference curves. Figure A Figure B Figure C a. In which figure(s) is X a normal good? b. In which figure(s) is X a Giffen good? c. In which figure(s) is Y an inferior good? d. In which figure(s) is Y a Giffen good? Figure D Figure E

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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3. In the following diagrams, the black dots represent points where the illustrated
lines are tangent to indifference curves.
Figure A
Figure B
Figure C
a. In which figure(s) is X a normal good?
b. In which figure(s) is X a Giffen good?
c. In which figure(s) is Y an inferior good?
d. In which figure(s) is Y a Giffen good?
Figure D
Figure E
X

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Step 1: Define Normal good, Giffen good and Inferior good:

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Step 2: Determine the figures in which X is a normal good:

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Step 3: Determine the figures in which X is a Giffen good:

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Step 4: Determine the figure in which Y is inferior good:

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Step 5: Determine the figures in which Y is a Giffen good:

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