Table 6 shows the choices that Marina makes on Good l and Good 2 in July, August and September. Does Marina consider both goods to be normal goods or not? (Hints: When you try to sketch a diagram to illustrate the concept, you don't have to be very precise in calculations and you don't need to be overly accurate). P Income ($) July August 20 40 2 1 80 40 20 2 2 120 September 60 10 2 140 Table 6 Оа. Good I is inferior, Good 2 is normal good. O b. Undetermined. O c. Good I is normal, Good 2 is inferior good. O d. Good I is normal, Good 2 is also a normal good.

Table 6 shows the choices that Marina makes on Good l and Good 2 in July, August and September. Does Marina consider both goods to be normal goods or not? (Hints: When you try to sketch a diagram to illustrate the concept, you don't have to be very precise in calculations and you don't need to be overly accurate). P Income ($) July August 20 40 2 1 80 40 20 2 2 120 September 60 10 2 140 Table 6 Оа. Good I is inferior, Good 2 is normal good. O b. Undetermined. O c. Good I is normal, Good 2 is inferior good. O d. Good I is normal, Good 2 is also a normal good.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...

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