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500 400 300 -T T 200 100 Ox 0 0 100 200 300 400 500 600 700 800 900 1000 Except where noted, only the exact answers are accepted, so make sure to double- and triple-check your reasoning and calculations. To get exact answers, assume: (1) The tangency points between indifference curves and the straight lines (the black dots) lie exactly at grid intersections. For example, the lowest tangency point shown lies exactly at Qx=400, Qy=50. (2) If a line seems to cross a grid point, assume that it does so exactly. For example, the highest indifference curve shown crosses the consumption point Qx=450, Qy=700, exactly. Enter O, if the answer cannot be obtained with the information given. Suppose that Charles's income is 1-8,000 and that the price of good X is fixed at Px=8. Which of the following price and demand combinations would be in Charles's demand curve for good Y? O Py= 8, Qy= 150 O Py= 8, Qy= 500 ●Py= 16, Qy= 150 OPy=16, Qy= 500 None of the above / cannot be determined from the information given.

500 400 300 -T T 200 100 Ox 0 0 100 200 300 400 500 600 700 800 900 1000 Except where noted, only the exact answers are accepted, so make sure to double- and triple-check your reasoning and calculations. To get exact answers, assume: (1) The tangency points between indifference curves and the straight lines (the black dots) lie exactly at grid intersections. For example, the lowest tangency point shown lies exactly at Qx=400, Qy=50. (2) If a line seems to cross a grid point, assume that it does so exactly. For example, the highest indifference curve shown crosses the consumption point Qx=450, Qy=700, exactly. Enter O, if the answer cannot be obtained with the information given. Suppose that Charles's income is 1-8,000 and that the price of good X is fixed at Px=8. Which of the following price and demand combinations would be in Charles's demand curve for good Y? O Py= 8, Qy= 150 O Py= 8, Qy= 500 ●Py= 16, Qy= 150 OPy=16, Qy= 500 None of the above / cannot be determined from the information given.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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500 400 300 -T T 200 100 Ox 0 0 100 200 300 400 500 600 700 800 900 1000 Except where noted, only the exact answers are accepted, so make sure to double- and triple-check your reasoning and calculations. To get exact answers, assume: (1) The tangency points between indifference curves and the straight lines (the black dots) lie exactly at grid intersections. For example, the lowest tangency point shown lies exactly at Qx=400, Qy=50. (2) If a line seems to cross a grid point, assume that it does so exactly. For example, the highest indifference curve shown crosses the consumption point Qx=450, Qy=700, exactly. Enter O, if the answer cannot be obtained with the information given. Suppose that Charles's income is 1-8,000 and that the price of good X is fixed at Px=8. Which of the following price and demand combinations would be in Charles's demand curve for good Y? O Py= 8, Qy= 150 O Py= 8, Qy= 500 ●Py= 16, Qy= 150 OPy=16, Qy= 500 None of the above / cannot be determined from the information given.
Transcribed Image Text:500 400 300 -T T 200 100 Ox 0 0 100 200 300 400 500 600 700 800 900 1000 Except where noted, only the exact answers are accepted, so make sure to double- and triple-check your reasoning and calculations. To get exact answers, assume: (1) The tangency points between indifference curves and the straight lines (the black dots) lie exactly at grid intersections. For example, the lowest tangency point shown lies exactly at Qx=400, Qy=50. (2) If a line seems to cross a grid point, assume that it does so exactly. For example, the highest indifference curve shown crosses the consumption point Qx=450, Qy=700, exactly. Enter O, if the answer cannot be obtained with the information given. Suppose that Charles's income is 1-8,000 and that the price of good X is fixed at Px=8. Which of the following price and demand combinations would be in Charles's demand curve for good Y? O Py= 8, Qy= 150 O Py= 8, Qy= 500 ●Py= 16, Qy= 150 OPy=16, Qy= 500 None of the above / cannot be determined from the information given.
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