What are Giffen goods? Distinguish the substitution effect and Income effect in case of a Giffen goods; with the help of a diagram.

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What are Giffen goods? Distinguish the substitution effect and Income
effect in case of a Giffen goods; with the help of a diagram.

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If the government imposes a minimum wage at a level above the labour market's equilibrium wage, [1] the quantity demanded of labour will be greater than the quantity supplied. [2] the quantity demanded of labour will be less than the quantity supplied. [3] anyone who wants a job at the minimum wage will be able to find one. [4] employers will face a shortage of willing workers.
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a price change causes the quantity demanded of a good to decrease by 30 percent, while the total revenue of that good increases by 15 percent. Is the demand curve elastic or inelastic? explain
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Scarcity is the mother of all economic problems. Elaborate
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You are given the following schedule for the production of pens by a firm Labor Total Product 0 0 1 20 2 50 3 70 4 80 5 85 6 82 If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30 per day, how many workers should be hired? Explain your answers clearly.