True or False Question Related to Consumer

Business & Finance, Economics, Microeconomics
Cover of the book True or False Question Related to Consumer by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000117564
Publisher: Classof1 Publication: March 26, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000117564
Publisher: Classof1
Publication: March 26, 2013
Imprint:
Language: English

"1. Mike spends all his income on tennis balls and basketball tickets. His demand curve for tennis balls is elastic. Tr«, or false: If the price of tennis balls rises, he consumes more tickets. Explain.
2. At current prices, housing costs $50 per unit and the composite good has a price of $1 per unit. A wealthy benefactor has given Joe, a penniless person, 1 unit of housing and 50 units of the composite good. Now the price of housing falls by half. True or false: Joe is necessarily better off as a result of the price change. Explain
"

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"1. Mike spends all his income on tennis balls and basketball tickets. His demand curve for tennis balls is elastic. Tr«, or false: If the price of tennis balls rises, he consumes more tickets. Explain.
2. At current prices, housing costs $50 per unit and the composite good has a price of $1 per unit. A wealthy benefactor has given Joe, a penniless person, 1 unit of housing and 50 units of the composite good. Now the price of housing falls by half. True or false: Joe is necessarily better off as a result of the price change. Explain
"

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