Ecs 2601 exam memo - Study guides, Class notes & Summaries

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ECS 2601 Exam Memo
Exam (elaborations) • 21 pages • 2021

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 inferior good. Since Michael only consumes two goods, they cannot both be inferior goods. Therefore, Y is a normal good. (It is important to explicitly point out explicitly that Giffen goods are a s...