Do they spend more on food eaten at home

Reference no: EM133711887

Question: Average Spending on Food Eaten at Home $3,400 $7,000 Average Spending on Food Eaten Away from Home $2,200 $7,300 Source: Bureau of Labor Statistics (rounded to the nearest $100) The preceding table reports spending on food in 2017 by households with incomes of less than $70,000 and by households with incomes greater than $150,000. "Food eaten at home" refers mainly to food that is purchased at supermarkets and brought home. "Food eaten away from home" refers mainly to food eaten at restaurants, though it also includes college dining rooms and similar situations.

a) How much do households with incomes of less than $70,000 spend on food eaten at home? Do they spend more on food eaten at home or away from home?

b) How much do households with incomes greater than $150,000 spend on food eaten away from home? Do they spend more on food eaten at home or away from home?

c) From this table, you can conclude that, Food eaten away from home is normal, luxury, or inferior good? (select one) Food eaten away at home is normal, luxury, or inferior good?

Reference no: EM133711887

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