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10_Demand_ToPost-1

# 10_Demand_ToPost-1 - youvegotaneconomist ThomasCarlyle ECON...

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“Teach a parrot the terms ‘supply and demand’ and  you’ve got an economist”  –Thomas Carlyle ECON 410 Demand

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2 Class 10 - Demand
3 Class 10 - Demand

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4 Class 10 - Demand
5 Class 10 - Demand Mathematical Analogy a b Of the bundles we can afford, which maximizes our Utility? 1 2 1 1 2 2 ( , ) ( ) U x x I p x p x λ = + - - L 2 1 1 2 U U p p = 1 1 2 2 0 I p x p x - - =

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6 Class 10 - Demand
7 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2?

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Group Clicker Question (1 pt): I=\$20 and p2=\$4. If the price of Good 1 is \$5, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4
Group Clicker Question (1 pt): I=\$20 and p2=\$4. If the price of Good 1 is \$4, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4

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Group Clicker Question (1 pt): I=\$20 and p2=\$4. If the price of Good 1 is \$2, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4
Group Clicker Question (1 pt): I=\$20 and p2=\$4. If the price of Good 1 is \$2, how much Good 1 will the individual consume? 1. 1 2. 2 3. 4

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12 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1
13 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2

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14 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2 When p1=\$2 x1=4
15 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2 When p1=\$2 x1=4 Good 1 Price of Good 1, p1

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16 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2 When p1=\$2 x1=4 Good 1 Price of Good 1, p1
17 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2 When p1=\$2 x1=4 Good 1 Price of Good 1, p1

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18 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2 When p1=\$2 x1=4 Good 1 Price of Good 1, p1
19 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2? When p1=\$5 x1=1 When p1=\$4 x1=2 When p1=\$2 x1=4 Good 1 Price of Good 1, p1

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20 Class 10 - Demand Assume I=\$20 and p2=\$4. How will this individual’s consumption of Good 1 change as the price of Good 1 drops from \$5 to \$4 to \$2?
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10_Demand_ToPost-1 - youvegotaneconomist ThomasCarlyle ECON...

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