Answer to Question #74444 in Microeconomics for Em

Question #74444
21. Which of the following scenarios is consistent with a price change for a normal good? a. The substitution effect is +2 and the income effect is -2. b. The substitution effect is +2 and the income effect is +1. c. The substitution effect is -2 and the income effect is -2. d. The substitution effect is -2 and the income effect is +1. e. none of the above 22. Which of the following scenarios is consistent with a price change for an inferior good? a. The substitution effect is +2 and the income effect is -2. b. The substitution effect is +2 and the income effect is +1. c. The substitution effect is -2 and the income effect is -2. d. The substitution effect is -2 and the income effect is +1. e. none of the above
1
Expert's answer
2018-03-12T16:13:07-0400
21 c
22 e

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal