Eden, a country, produces just two output goods: apples and snakeskin handbags. In 2014 the prices of apples and hand bags were 10 and 24, respectively. In 2015, the prices increased to 12 and 25. The quantities produced of the two goods were unchanged in both 2014 and 2015, at 100 and 20. From this information, we can conclude that:

Eden, a country, produces just two output goods: apples and snakeskin handbags. In 2014 the prices of apples and hand bags were 10 and 24, respectively. In 2015, the prices increased to 12 and 25. The quantities produced of the two goods were unchanged in both 2014 and 2015, at 100 and 20. From this information, we can conclude that:

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 5WNG

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Question

Eden, a country, produces just two output goods: apples and snakeskin handbags.
In 2014 the prices of apples and hand bags
were 10 and 24, respectively. In 2015, the prices increased to 12 and 25. The
quantities produced of the two goods were unchanged
in both 2014 and 2015, at 100 and 20. From this information, we can conclude that:

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