MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 16, Problem 4IP

(a)

To determine

Introduction of technology and the impact on the museums.

(b)

To determine

The use of technology and the use in museums.

(c)

To determine

The reproduction of music symphonies.

(d)

To determine

The restriction of recording of symphonies and the demand for musicians.

 (e)

To determine

The different handling of symphonies from other arts.

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The preferences of a consumer are represented by the following utility function: U = min (×1, 2x2) If income is 100 and p1=p2=1 a) What is the optimal bundle? b) If p₁=4, what is the new optimal bundle? c) If p2=4, what is the new optimal bundle? d) Decompose the price effect into income and substitution effect and provide a graphical representation of your results.
Challenges of Nepal's foreign trade.
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