Principles of Economics
7th Edition
ISBN: 9781305156043
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Chapter 35.2, Problem 2QQ
To determine
To determine: The difference between short-run and long-run Phillips curves.
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The preferences of a consumer are represented by the following utility function:
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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.
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