Q1. The CPI increases from 110 to 121 also Manny's nominal income increases from $100,000 to $120,000 over the same period. Manny's real income has increased, decreased or stayed the same?
Q2. Assume a price equation is given as P=4-6Q. Prove that the demand function has a negative slope
Q3. Over the past twenty years, the number of small family farms has fallen significantly also in their place there are fewer, but larger, farms owned by corporation. Explain which of the following best explains this trend?