Explain what the difference is between the alkyl substitution
reactions and addition/elimination type reactions in EAS
(electrophilic aromatic substitution).
explain with the aid of a diagram the income and
substitution effects and use the concepts to describe what happens
when the price of a products decreases.
When the price of a product falls:
Group of answer choices
a.The income and substitution effects will encourage consumers
to purchase more of a Giffen good.
b.substitution effect will encourage consumers to purchase more
of the product and the income effect will encourage them to
purchase less of a normal good.
c.income and substitution effects will encourage consumers to
purchase less of an inferior good.
d.substitution effect will encourage consumers to purchase more
of the product and the income effect...
What are the income and substitution effects of an increase in
the price of food, if
a person's preferences could be represented by the utility
function
U(F;C) = 2 (under root)(F) + C
where F is her consumption of food and C is her consumption of
clothing?
I don't understand how to answer this without any numerical
values
Write down the Slutsky Equation label the income, substitution
and total effects. Then briefly explain what needs to be true of
the various elements of the Slutsky equation for something to be a
Giffen good.
Use the following theories to explain the law of demand:
(i) Income effects
(ii) Substitution effects
Please include the reasoning involved with theory to explain the
law of demand
Referring to the scale and substitution effects, explain why an
increase in the wage rate will generate more of a negative
employment response in the long run than in the short run. (Assume
there is no change in productivity or nonlabor input prices