Author Question: The commodity substitution bias is that consumers substitute high-quality goods for low-quality ... (Read 66 times)

washai · **on:** Jun 29, 2018

The commodity substitution bias is that consumers substitute high-quality goods for low-quality goods.

Indicate whether the statement is true or false

Question 2

Suppose the price of coffee is 3, the price of a bagel is 2 and a person's budget is 40. The budget line's equation is

A) 2/Qbagel + 3/Qcoffee = 40.
B) 2(Qbagel) + 3(Qcoffee) = 40.
C) Qbagel /2 + Qcoffee /3 = 40.
D) Qbagel + Qcoffee = 40/(3 + 2).

shaquita · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

FALSE

Answer to Question 2

B

washai · **Reply #2 on:** Jun 29, 2018

Correct answers!

shaquita · **Reply #3 on:** Jun 29, 2018

Great! Please up vote

Author Question: The commodity substitution bias is that consumers substitute high-quality goods for low-quality ... (Read 66 times)

washai

The commodity substitution bias is that consumers substitute high-quality goods for low-quality ...

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shaquita

The commodity substitution bias is that consumers substitute high-quality goods for low-quality ...

washai

The commodity substitution bias is that consumers substitute high-quality goods for low-quality ...

shaquita

The commodity substitution bias is that consumers substitute high-quality goods for low-quality ...