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Short Answer. 1. An afternoon cup of chai tea and cookies are complements. If the price of cookies goes down, what happens to demand for

Short Answer.

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1. An afternoon cup of chai tea and cookies are complements. If the price of cookies goes down, what happens to demand for tea? Is this a shift in the demand curve or a movement along the demand curve?2. If the price elasticity of demand is Ep = -2 and the price goes up by 5%. What is the change in quantity demanded?3. If the marginal utility of bananas is 7, MU, = 7. Do bananas have diminishing marginal utility

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