Refer to Table 10-2. Holding prices constant, when Keira's income changed from $18 to $23, her utility maximizing bundle changed. Based on your answers to her optimal choices at the two income levels, what type of goods are soup and sandwiches?
A) Soup is an inferior good and sandwiches are a normal good.
B) Both soup and sandwiches are normal goods.
C) Both soup and sandwiches are inferior goods.
D) Soup is a normal good and sandwiches are an inferior good.
B
Economics
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The table above gives the production and prices for a small nation that produces only bread and soda. The base year is 2009. What is nominal GDP in 2009?
A) $410 B) $450 C) $900 D) $550 E) $460
Economics
If the price of one good increases by 3 percent and the quantity demanded of another good increases by 2 percent, the cross elasticity is ________ and the two goods are ________
A) 2/3, substitutes B) 2/3, complements C) 3/2, complements D) 3/2, substitutes
Economics