Question
Mr. Kimeu has a Nyama choma consumption demand function which is given as Q = 20 + M/1-P where Q is the quantity of Nyama
Mr. Kimeu has a Nyama choma consumption demand function which is given as
Q = 20 + M/1-P where Q is the quantity of Nyama choma in grams per week, p is
the price per gram per week and M is his income. His income is Ksh.150. If the
price of Nyama choma per gram changes from 3 to Ksh.5. Calculate Mr. Kimeu's
total price effect, substitution and income effect of the price change
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
