For each of the following pairs of goods, identify if they are substitutes or complements and use a graph to illustrate how the change described impacts the markets for both goods or services. Gasoline and sport utility vehicles: The price of gasoline increases. Taking a train or plane between NYC and Washington, DC: The price of airfare increases. A smartphone and a Verizon data plan: The price of a monthly data plan increases.
For each of the following pairs of goods, identify if they are substitutes or complements and use a graph to illustrate how the change described impacts the markets for both goods or services. Gasoline and sport utility vehicles: The price of gasoline increases. Taking a train or plane between NYC and Washington, DC: The price of airfare increases. A smartphone and a Verizon data plan: The price of a monthly data plan increases.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
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For each of the following pairs of goods, identify if they are substitutes or complements and use a graph to illustrate how the change described impacts the markets for both goods or services.
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Gasoline and sport utility vehicles: The
price of gasoline increases. -
Taking a train or plane between NYC and Washington, DC: The price of airfare increases.
-
A smartphone and a Verizon data plan: The price of a monthly data plan increases.
-
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