Which of the following related to Transferpayment?Pocket money to childrenPayment made to housewifeAll the abovewear and tear cost The consumption of food is denoted by 'a'and the consumption of all other goods by'b'. The demand for food as a function ofprices and income is given by:Suppose thatQa(pa,pb,M)=5M/8pa.M=200, pa-6, and pb-10. The change inconsumption of food that is caused by a 2%increase in W is approximatelyAn increase of 2% in demand of b.There is no change.A decrease of 2% in demand of a.An increase of 2% in demand of a.

Answered: Which of the following related to…

Which of the following related to Transfer payment? O Pocket money to children O Payment made to housewife All the above O wear and tear cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following related to Transfer
payment?
Pocket money to children
Payment made to housewife
All the above
wear and tear cost

The consumption of food is denoted by 'a'
and the consumption of all other goods by
'b'. The demand for food as a function of
prices and income is given by:
Suppose that
Qa(pa,pb,M)=5M/8pa.
M=200, pa-6, and pb-10. The change in
consumption of food that is caused by a 2%
increase in W is approximately
An increase of 2% in demand of b.
There is no change.
A decrease of 2% in demand of a.
An increase of 2% in demand of a.

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