Microeconomics
2nd Edition
ISBN: 9780073375854
Author: B. Douglas Bernheim, Michael Whinston
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 6, Problem 5CP
(a)
To determine
Determine the uncompensated demand function for X as
(b)
To determine
Determine Person S’s compensating variation (CV) for the price change:
(c)
To determine
Determine the compensated demand function for Good X, fixing the utility level achieved at the original price of Good
(d)
To determine
Determine the change in the consumer surplus (CS)
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