Mary makes the following choices of X1 and X2 when prices and income are as follows: X1 X2 P1 P2 I Week 1 10 20 2 1 40 Week 2 6 14 2 2 40 Week 3 20 10 2 2 60 Based on this information we can conclude that Mary considers both goods to be normal goods Mary considers both goods to be inferior goods X1 is a normal good and X2 is an inferior good for Mary X1 is an inferior good and X2 is a normal for Mary

Mary makes the following choices of X1 and X2 when prices and income are as follows: X1 X2 P1 P2 I Week 1 10 20 2 1 40 Week 2 6 14 2 2 40 Week 3 20 10 2 2 60 Based on this information we can conclude that Mary considers both goods to be normal goods Mary considers both goods to be inferior goods X1 is a normal good and X2 is an inferior good for Mary X1 is an inferior good and X2 is a normal for Mary

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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