Question
For which preferences the income offer curve
and the price offer curve are equal?Solution
Income offer curve is a line that depicts the optimal choice of two goods at different levels of income at constant prices.
Price offer curve is a line that depicts the optimal choice of two goods as price of 1 good change holding the price of other good and income fixed.
For perfect complements preferences, the two curves are the same.
How many persons are younger than P?
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In the question below some statements are given followed by three conclusions I, II, and III. You have to take the given statements to be true even if ...
Q is older than R. N and O are of equal age. S is the youngest. P is younger than O. P is older than Q. How many persons are younger than P?
