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How do economists define income?
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- From the information above, calculate and sketch the diagram showing the equilibrium level of income.What is it mean by full price and income when discussing household consumption?Economist Arthur Laffer famously pointed out that, in some cases, income tax revenue can actually go up when tax rates go down. Why might this be the case?
- What would be the value of consumption if savings is $1300 and the value of Income is $2200Raj has MUx = 4Y and MUy = X, the price of X is 2, the price of Y is 3, and an income of 60. Find the amount of x and y Raj will consume.Create a speech about the relationship of income, saving and consumption to price changes in shopping.