Custom Functions Are Recorded in the Macro Recorder

question 70

True/False

Custom Functions are recorded in the macro recorder.

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Definitions:

Income Effect

The effect of changes in either individual or economic income on the demand levels for goods or services.

Inferior Good

A type of good whose demand decreases as consumer income rises, meaning it is often replaced by more desirable goods as financial circumstances improve.

Normal Good

A type of good for which demand increases as the income of individuals rises, holding all other factors constant.

Giffen Good

A product for which demand increases as its price increases, contrary to the standard demand model, due to the interplay of income and substitution effects.