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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
- 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
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