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.
Chapter1: The Art And Science Of Economic Analysis
Section: Chapter Questions
Problem 2.2P
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