Which of the following related to Transferpayment?Pocket money to childrenPayment made to housewifeAll the abovewear and tear cost The consumption of food is denoted by 'a'and the consumption of all other goods by'b'. The demand for food as a function ofprices and income is given by:Suppose thatQa(pa,pb,M)=5M/8pa.M=200, pa-6, and pb-10. The change inconsumption of food that is caused by a 2%increase in W is approximatelyAn increase of 2% in demand of b.There is no change.A decrease of 2% in demand of a.An increase of 2% in demand of a.

Answered: Which of the following related to…

Which of the following related to Transfer payment? O Pocket money to children O Payment made to housewife All the above O wear and tear cost

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter29: Interest, Rent, And Profit

Section: Chapter Questions

Problem 9QP

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Question

Which of the following related to Transfer
payment?
Pocket money to children
Payment made to housewife
All the above
wear and tear cost

The consumption of food is denoted by 'a'
and the consumption of all other goods by
'b'. The demand for food as a function of
prices and income is given by:
Suppose that
Qa(pa,pb,M)=5M/8pa.
M=200, pa-6, and pb-10. The change in
consumption of food that is caused by a 2%
increase in W is approximately
An increase of 2% in demand of b.
There is no change.
A decrease of 2% in demand of a.
An increase of 2% in demand of a.

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