EP PRIN.OF MICROECONOMICS-MYLAB ACCESS
EP PRIN.OF MICROECONOMICS-MYLAB ACCESS
13th Edition
ISBN: 9780135197103
Author: CASE
Publisher: PEARSON CO
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Chapter 2, Problem 1.7P

Subpart (a)

To determine

Identify inefficient PPF.

Subpart (b)

To determine

Identify productive efficiency.

Subpart (c)

To determine

Inefficient mix of output.

Subpart (d)

To determine

The figure that shows the technological advances.

Subpart (e)

To determine

Figure shows the law of increase in opportunity cots.

Subpart (f)

To determine

Impossible combination of meat and fish.

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(d) Calculate the total change in qı. Total change: 007 (sp) S to vlijnsi (e) B₁ is our original budget constraint and B2 is our new budget constraint after the price of good 1 (p1) increased. Decompose the change in qı (that occurred from the increase in p₁) into the income and substitution effects. It is okay to estimate as needed via visual inspection. Add any necessary information to the graph to support your 03 answer. Substitution Effect: Income Effect:
everything is in image (8 and 10) there are two images each separate questions
everything is in the picture (13) the first blank has the options (an equilibrium or a surplus) the second blank has the options (a surplus or a shortage)
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