In a model with two goods, x & y, with x plotted on the horizontal axis, the price consumption curve generated by changing the price of x is parallel to the x – axis. This implies that
If PCC (Price consumption curve) is horizontal (due to change in price of x), it means Y is not changing and only X in changing. Equation of Budget line is Px.X + Py.Y =M. In this case, total expenditure on X remains same (even if there is change in price of X) and hence price elasticity is -1 for good X.
Select the most appropriate meaning of the given idiom.
Cat and dog life
to let your freak flag fly
lame duck
After hearing about the company's closure, the news of a minor bonus was no cold comfort.
The traffic came to a standstill after the heavy downpour of rain.
Select the most appropriate meaning of the given idiom
Go down like a lead balloon
The boss examined my report with a fine tooth comb before submitting it to the senior management.
...Palm off
When the detective pointed out the smallest detail that connected all the evidence together, he hit the nail on the head and uncovered the true identi...
"Despite the challenges, Lisa managed to keep her chin up ."
