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Unformatted text preview: If X = 30, Y = ? If X = 100, Y = ? 8 Expenditure for Toothpaste at Different Annual Incomes Expenditure Toothpaste Annual Income $ 20 $ 20 $ 20 $ 20 $10,000 $20,000 $30,000 $40,000 Inverse or direct? 9 40 30 20 10 10 20 30 40 A B C D Y=0 X=10 Expend. Toothpaste Independent relationship Annual Income 10 4 3 2 1 10 20 30 40 A B C D Y X Movement ALONG a curve 11 20 15 10 5 25 50 75 100 Annual Income $60,000 Annual Income $30,000 Quantity demanded Price SHIFT of curve: caused by in 3 rd variable. Relax ceteris paribus...
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This note was uploaded on 07/14/2010 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.
 Fall '07
 Bergstrom

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