GA2s08 - curve for a normal good. Be able to explain the...

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University of Wisconsin Department of Economics Economics 301: Intermediate Microeconomic Theory Korinna K. Hansen Group Assignment 2 Due Date : Friday, Feb. 15, 2008 Reading Assignment: Varian, Chapter 6 Problem Assignment : Here are some critical questions for our class discussions regarding the construction of Engel and Demand curves. For each one of the following questions you should be able to communicate to an audience all important relevant information in a well-organized and concise way. Make sure that you are ready to present enough detail. 1). Using comparative statics and graphs, derive the income offer curve and the Engel
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Unformatted text preview: curve for a normal good. Be able to explain the process step by step. 2). Using comparative statics and graphs, derive the income offer curve and the Engel curve for an inferior good. Be able to explain the process step by step. 3). Using comparative statics and graphs, derive the price offer curve and the Demand curve for an ordinary good. Be able to explain the process step by step. 4). Using comparative statics and graphs, derive the price offer curve and the Demand curve for a Giffen good. Be able to explain the process step by step....
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