Exam (elaborations)
ECS 2601 Exam Memo
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QUESTION 1 (15 marks) In this question, write whether each statement is true or false. Fully explain your answer, using a diagram if appropriate. 1.1 Michael only consumes two goods: X and Y. If X is a Giffen good for Michael, then Y must be a normal good for Michael. True. A Giffen good is an...
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