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Topic: Business
Number of pages / Number of words: 5 / 1165
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The substitution effect: effect of price change with adjusted income=initial income +(previous demand)*(price change). Normally, income compensation by adjusted income is not high enough, so that the price increase leads to decline the demand. (3 points)

2. The income effect: effect of income change by initial income - adjusted income<0...


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(3 points)

2. The income effect: effect of income change by initial income - adjusted income<0. Since x is normal good as verified above, income effect declines demand. (3 points)

Now, m=(px*10+pc*200), which is a function of px, generates another effect called endowment income effect.

3. Endowment income effect: as px increases, m increases...


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Economics - MACRO EXAM NOTES Effect of Low Cost Airlines to climate change and the Tourism Industry Forecasting Oil Price and Demand Income Elasticity of Demand Price elasticity of demand Price/Income Elasticity of Demand Supply, Demand, and Price supply, demand, and price change The Effect of Price Elasticity of Demand in Airline Industry Industrialization - Economic Change And Effect Price and Income elasticty - Analysis of AT&T DSL services. Supply Demand Price Supply, Demand and Price Climatic Change And Its Effect On Society Which Technologcal Change Has Had The Largest Effect On Life In This Country And Why

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