Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 21, Problem 2PA

Subpart (a):

To determine

The complement goods and substitute goods.

Subpart (b):

To determine

The complement goods and substitute goods.

Subpart (c):

To determine

The complement goods and substitute goods.

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Consider two different pairs of goods: a. Sunscreen and bug spray b. Hot dogs and hamburgers Which pair of goods are most likely complements? Which pair of goods are most likely substitutes? Which pair of goods most likely have fairly straight indifference curves? Which pair of goods most likely have very bowed indifference curves? Why? In which case will a consumer respond more to a change in the relative price of the two goods?
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Q.4. Compare the following two pairs of goods: • Coke and Pepsi • Racket and Shuttle a) In which case are the two goods complements? In which case are they substitutes? b) In which case do you expect the indifference curves to be straight? In which case do you expect the indifference curves to be very bowed? c) In which case will the consumer respond more to a change in the relative price of the two goods?
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