8. Normal and inferior goods Van likes going to the ballpark to watch baseball, and he also is fond of going to the theater to listen to the symphony orchestra. The following diagram shows two of Van's indifference curves for going to ballgames and symphonies. With Van's initial budget constraint (BC₁), he chose to go to two symphonies and six baseball games per month (point X). Then his budget constraint shifted to BC2, and he chose to go to five symphonies and five ballgames per month (point Y). BALLGAMES normal Ns inferior 5 SYMPHONIES BC 8 10 of the following choices, which could have shifted Van's budget constraint from BC₁ to BC₂? Check all that apply. ? The price of baseball tickets increased while his income and the price of symphony tickets stayed the same. The prices of both baseball and symphony tickets decreased while his income stayed the same. The price of symphony tickets increased while his income and the price of baseball tickets stayed the same. His income increased while the prices of baseball and symphony tickets stayed the same. yan's consumption of ballgames and symphonies after his budget constraint shifted, ballgames are goods. goods and symphonies are

8. Normal and inferior goods Van likes going to the ballpark to watch baseball, and he also is fond of going to the theater to listen to the symphony orchestra. The following diagram shows two of Van's indifference curves for going to ballgames and symphonies. With Van's initial budget constraint (BC₁), he chose to go to two symphonies and six baseball games per month (point X). Then his budget constraint shifted to BC2, and he chose to go to five symphonies and five ballgames per month (point Y). BALLGAMES normal Ns inferior 5 SYMPHONIES BC 8 10 of the following choices, which could have shifted Van's budget constraint from BC₁ to BC₂? Check all that apply. ? The price of baseball tickets increased while his income and the price of symphony tickets stayed the same. The prices of both baseball and symphony tickets decreased while his income stayed the same. The price of symphony tickets increased while his income and the price of baseball tickets stayed the same. His income increased while the prices of baseball and symphony tickets stayed the same. yan's consumption of ballgames and symphonies after his budget constraint shifted, ballgames are goods. goods and symphonies are

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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