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Author Question: The commodity substitution bias is that consumers substitute high-quality goods for low-quality ... (Read 151 times)

washai

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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).


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shaquita

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

FALSE

Answer to Question 2

B


washai

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Reply #2 on: Jun 29, 2018
Correct answers!


shaquita

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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