A consumer has income of 15000. Masks costs $35 per mask, and sanitizers cost $70 per bottle. The price of mask rises from $35 to $40 per mask, while the price of saniizer is unchangeD. For a consumer wih consant income of 15000, show what happens to consumption of both goods (assume both goods are normal goods) decompose the change into income and substitution effects
A consumer has income of 15000. Masks costs $35 per mask, and sanitizers cost $70 per bottle. The price of mask rises from $35 to $40 per mask, while the price of saniizer is unchangeD. For a consumer wih consant income of 15000, show what happens to consumption of both goods (assume both goods are normal goods) decompose the change into income and substitution effects
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 8P
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A consumer has income of 15000. Masks costs $35 per mask, and sanitizers cost $70 per bottle.
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