Ecs 2601 exam memo - Study guides, Class notes & Summaries
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ECS 2601 Exam Memo
- Exam (elaborations) • 21 pages • 2021
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QUESTION 1 (15 marks) 
In this question, write whether each statement is true or false. Fully explain your answer, 
using a diagram if appropriate. 
1.1 Michael only consumes two goods: X and Y. If X is a Giffen good for Michael, then Y must 
be a normal good for Michael. 
True. A Giffen good is an inferior good. Since Michael only consumes two 
goods, they cannot both be inferior goods. Therefore, Y is a normal good. 
(It is important to explicitly point out explicitly that Giffen goods are a s...
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ECS 2601 Exam Memo (002).2022
- Exam (elaborations) • 21 pages • 2022
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ECS 2601 Exam Memo (002).2022
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ECS2601 EXAM PAPERS+MEMO 2012-2021.pdf
- Exam (elaborations) • 271 pages • 2021
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ECS2601 EXAM PAPERS+MEMO
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