Explain how the price of food remains unchanged

Reference no: EM13237129

Mr. Consumer has an income of $100, and his utility is unaffected by the seasons. In January, he spends his whole income on two goods, Food and Clothing. The price of food is $2 and the price of clothing is $1 in January. In February, the price of clothing increases to $1.25 and the price of food remains unchanged. Is food a normal good?

Reference no: EM13237129

Questions Cloud

Explain aldol product between benzaldehyde and acetophenone : Draw a complete electronic mechanism of the aldol product between benzaldehyde and acetophenone.

How much additional income would louis need to afford : Find Louis' optimal consumption bundle of orange juice and pineapple juice each week. Suppose the price of pineapple juice rises to $2 a cup while the price of orange juice remains constant. How much additional income would Louis need to afford hi..

Explain what is the molecular mass of this gas : An unknown gas that occupies 1.00 L at a pressure of 534 torr and a temperature of 295.7 K weighs 0.9847 g. What is the molecular mass of this gas

What is the standard deviation of number : A national study has determined that people who work full time average 43.4 hours worked per week. Assume that the number of house worked per week for those who work full time is normally distributed.

Explain how the price of food remains unchanged : Mr. Consumer has an income of $100, and his utility is unaffected by the seasons. In January, he spends his whole income on two goods, Food and Clothing. The price of food is $2 and the price of clothing is $1 in January.

Explain solutions has the strongest ion-dipole attractions : Explain which of the following aqueous solutions has the strongest ion-dipole attractions:0.3 M Na3PO4, 0.1 M NiF2,0.2 M Rb2CO3, 0.01 M Sr(OH)2 , 0.03 M ScBr3.

How to start with a policy based on government expenditures : Inflation is at 1.2% and relatively stable at the level. The GDP is at $13.6 trillion. Assume that you are on the Council of Economic Advisors which is the group that advises the President on economic policy issues.

How to calculate the value of w for the system : Automobile airbags contain solid sodium azide, NaN3, that reacts to produce nitrogen gas when heated, thus inflating the bag. Calculate the value of w (work) for the following system if 11.8 g of NaN3 reacts completely at 1.00 atm and 22 °C.

Why industry has high cr while industry a had a low cr : You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan. Industry A has 20 firms and a Concentration Ratio (CR) of 30% What is the name for this ..

User Account

All Pages