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Questions and Answers

Which of the following is true about comparative statics analysis of ordinary demand functions?

It studies how ordinary demands change as prices change

It studies how ordinary demands change as prices and income change (correct)

It studies how ordinary demands change as income changes

It studies how ordinary demands change as prices and income change, holding other factors constant

What is the focus of own-price changes in demand analysis?

How one demand changes as income changes

How one demand changes as prices and income change

How one demand changes as the price of another good changes

How one demand changes as its own price changes, holding other factors constant (correct)

In the equation p1x1 + p2x2 = y, what does p1 represent?

The quantity of good 2

The price of good 2

The quantity of good 1

The price of good 1 (correct)

What happens to x1* as p1 increases, holding p2 and y constant?

x1* decreases (D) Signup and view all the answers

What happens to x1* as p1 changes from p1' to p1'' to p1''', holding p2 and y constant?

x1* remains constant (C) Signup and view all the answers

What is the purpose of comparative statics analysis of ordinary demand functions?

To study how ordinary demands change as prices and income change, while holding other factors constant (A) Signup and view all the answers

What does the equation p1x1 + p2x2 = y represent?

The relationship between prices and quantities demanded (B) Signup and view all the answers

What happens to x1* as p1 increases, holding p2 and y constant?

x1* increases (B) Signup and view all the answers

What happens to x1* as p1 changes from p1' to p1'' to p1''', holding p2 and y constant?

x1* decreases from p1' to p1'' and then increases from p1'' to p1''' (A) Signup and view all the answers

What happens to x2 as p1 changes from p1' to p1'' to p1''', holding p2 and y constant?

x2 increases from p1' to p1'' and then decreases from p1'' to p1''' (D) Signup and view all the answers

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Questions and Answers

Which of the following is true about comparative statics analysis of ordinary demand functions?

What is the focus of own-price changes in demand analysis?

In the equation p1x1 + p2x2 = y, what does p1 represent?

What happens to x1* as p1 increases, holding p2 and y constant?

What happens to x1* as p1 changes from p1' to p1'' to p1''', holding p2 and y constant?

What is the purpose of comparative statics analysis of ordinary demand functions?

What does the equation p1x1 + p2x2 = y represent?

What happens to x1* as p1 increases, holding p2 and y constant?

What happens to x1* as p1 changes from p1' to p1'' to p1''', holding p2 and y constant?

What happens to x2 as p1 changes from p1' to p1'' to p1''', holding p2 and y constant?

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