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Identify the moral perspective at work here:
Taffy is a university lab chimpanzee; the university has lost its animal research grant and has to decide what to do with Taffy.
Taffy is not a rational being, and the university has no duty to treat her as anything but a mere means to an end. They can sell her or put her to sleep. If anybody cares enough for her to take care of her, that will be that person's choice.
Normal Good
A good for which demand increases as the income of consumers increases and vice versa, all else being constant.
WARP
WARP, or the Weak Axiom of Revealed Preference, is an economic principle stating that if a consumer chooses one bundle of goods over another when both are available, then they will not choose the second bundle when the first one remains available.
Perfect Complements
Goods that are always consumed together in fixed proportions because their consumption provides utility only when combined, such as left and right shoes.
Income Effect
The change in an individual's consumption choices that results from a change in their real income or purchasing power.
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