Q5. The owner of an egg firm produces 300 eggs a week. Initially the price of eggs is Rs.4 per egg. Her demand functions for eggs, for her own consumption is x=180+m/10p Where x is the number of eggs she consumes per week. P is the price of an egg and m is the income. The price of eggs then falls to Rs.3 per egg. How many eggs does she consume before and after the fall in the price of eggs? How much is the endowment income effect on her consumption of eggs?

Q5. The owner of an egg firm produces 300 eggs a week. Initially the price of eggs is Rs.4 per egg. Her demand functions for eggs, for her own consumption is x=180+m/10p Where x is the number of eggs she consumes per week. P is the price of an egg and m is the income. The price of eggs then falls to Rs.3 per egg. How many eggs does she consume before and after the fall in the price of eggs? How much is the endowment income effect on her consumption of eggs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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