Question

Joshua is currently consuming the optimal (utility-maximizing) quantities of tuna and ham when the price of tuna suddenly decreases. how will he respond to this price change?

Answer 1

Joshua is currently consuming the optimal (utility-maximizing) quantities of tuna and ham when the price of tuna suddenly decreases. He will consume a bundle of goods at a new higher indifference curve tangent to the new budget constraint.

A Goods is an object that satisfies a human need and provides benefits to consumers and others who purchase satisfactory products. A distinction is generally made between transferable goods and non-transferable services.

Goods is the tangible item sold to the customer and service is the task performed for the benefit of the recipient. Examples of products include automobiles, appliances, and clothing. Examples of services include legal advice, house cleaning, and consulting his services.

Goods are anything from goods, supplies, raw materials to finished products. Anything that is movable and sold to a specific buyer.

Learn more about goods here:brainly.com/question/24373500

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