A person who has been authorized by another person to represent that person in a transaction is a/an: a. agent b. principal c. fiduciary d. both a and c
October 18, 2020
Discuss the following two statements. quot;Writing a report that is concise and yet complete is virtually impossible because these two objectives…
October 18, 2020

indifference curves

Suppose that Wilma’s income is $56,000 per year. She can spend it on healthcare visits (V) or on all other goods (OG). The price per V is $70, and the price per OG is $150. 

a. Draw Wilma’s budget constraint (put V on the horizontal and OG on the vertical axis). Using indifference curves, show Wilma’s optimum if she buys 366.33 OG per year. 

b. Suppose that Wilma’s income rises to $70,000 per year, and that she increases her consumption of V by 3. Show the new equilibrium on the graph. What is her income elasticity of demand for V?

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indifference curves was first posted on October 18, 2020 at 12:43 pm.
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