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Author Question: When two goods are perfect substitutes, their indifference curves are straight lines. Indicate ... (Read 117 times)

sarasara

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on: Jun 29, 2018
When two goods are perfect substitutes, their indifference curves are straight lines.
 
  Indicate whether the statement is true or false

Question 2

Suppose that the price of a pound of potatoes increases from 0.75 to 0.90 . Use the midpoint formula to calculate the percentage change in price.
 
  What will be an ideal response?


Dunkey

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Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

 change in price = 0.90 - 0.75/(0.90 + 0.75)/2 = 0.15/ (1.65)/2 = 0.15/0.825= 18.2


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