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2233CE15

# 2233CE15 - Sections 9.1 and 9.2 1 Suppose you are a beef...

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Quantity of beef bought (in pounds/week/household) I, income p, price (in \$/lb.) (thousand \$/yr.) 3.00 3.50 4.00 4.50 20 2.65 2.59 2.51 2.43 40 4.14 4.05 3.94 3.88 60 5.11 5.00 4.97 4.84 80 5.35 5.29 5.19 5.07 100 5.79 5.77 5.60 5.53 Sections 9.1 and 9.2 1. Suppose you are a beef producer and you want to know how much beef people will buy. This depends on two things: i) how much money people have, and ii) the price of beef. Let I = household income (in thousands of dollars per year) p = price of beef (in dollars per pound) C = consumption of beef (in pounds per week per household) C is a function of both I and p as shown in the table: (Source: An Introduction to Positive Economics , 3 rd edition, by Richard G. Lipsey) a) Write a sentence interpreting each of the following mathematical notations: i) C(20, 3.50) = 2.59
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