In December 2024
Answer to Question #251287 in Microeconomics for queen
What is the total change in demand if the change due to the substitution effect is -13.00, the change due to the ordinary income effect is 14.00, and the change due to the endowment income effect is 8.00?
The total change in demand is given by summing up the change due to substitution effect, the change due to ordinary income effect and the change due to endowment income effect.
"=-13.00+14.00+8.00"
"=9.00"
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