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Все вопросы
- The consumer’s demand functions give the optimal amounts of each of the goods as a function of the prices and income faced by the consumer. #151
- Studying how a choice responds to changes in the economic environment is known as comparative statics. #152
- We would normally think that the demand for each good would increase when income increases. Economists, with a singular lack of imagination, call such goods normal goods. #153
- The income offer curve is also known as the income expansion path. #154
- The movement from one equilibrium to another can take a substantial amount of …, and questions about how such movement takes place can be very interesting and important. #155
- The Engel curve is a graph of the demand for one of the goods as a function of income, with all prices being held constant. #156
- The market demand curve is simply the sum of the individual … curves. #157
- The … price measures the price at which a consumer is just indifferent between purchasing or not purchasing a good. #158
- The demand function measures quantity demanded as a function of price. The … demand function measures price as a function of quantity. A given demand curve can be described in either way. #159
- The elasticity of demand measures the responsiveness of the quantity demanded to …. It is formally defined as the percent change in quantity divided by the percent change in price. #160