Eva consumers rice and beans and nothing else. When the price of rise increases with no...
Eva consumers rice and beans and nothing else. When the price of rise increases with no change in her nominal income or in the price of beans, she buys less beans and less rice. from thin information, we can definitely conclude that:
1. rice is a normal good for EVA
2. Beans are a normal good for Eva
3. rice is an inferior good for EVA
4. Beans are inferior good for Eva
Homework Answers
The correct option is 1.) rice is a normal good for EVA.
Eva consumers rice and beans and nothing else. When the price of rise increases with no change in her nominal income or in the price of beans, she buys less beans and less rice. from thin information, we can definitely conclude that:1.) Rice is a normal good for EVA.
As the price of rice increases, she is buying less of rice. It means that it is a normal good.
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