Econ 315 Home dress III Posted: Friday, October 7, 2011 Due: Friday, October 14, 2011 (before air division or at a time after) Instructions: every planning serves MUST BE TYPED. No email submissions. The proviso will be collected in class. If you cant be in class, send your homework with a confederate or turn it in proto(prenominal) under my get throughice access (Raub 410) with your name and email anticipate clearly marked. No late homework will be accepted without a valid documented excuse. Group work: You can work individually or in a group of two (2). solely one submission is inevitable for each group, but delay that both names and email addresses atomic number 18 included. billet that homeworks are crucial to your learning, so if you take away to work in a group, be an active participant. Do not strike an action (join a group) if it makes you worse off (reduces your effort and finally lowers your grade). That would not be rational! advert: The lecture notes and portion 4.1, 3.1, and 3.2 of the text should allow you to complete this homework satisfactorily. QUESTION 1 (1,000 points) State the change in the value of books, the change in the price of pens and the change in income that WOULD draw to the following movements in the cipher line. none: BLI denotes the initial cipher line. BLN denotes the new budget line.
a) (300 points) [pic] i) The price of books has not Changed ii) The price of pens has change magnitude iii) The consumers income has non Changed (b) (300 marks) [pic] i) The price of books has Increased ! ii) The price of pens has Decreased iii) The consumers income has Not changed (c) Note: For part (c), be as precise in your answer as possible. However, you do not need to produce a numerical amount for any change. (400 points) [pic] i) The price of books has Increased ii) The price of pens has Not Changed iii) The consumers income has Doubled QUESTION 2 (500 marks)...If you want to get a full essay, order it on our website:
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