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Daniel [21]
3 years ago
6

Rob consumes two goods, x and y. He has an allowance of $50 per week and is not endowed with either of the goods. If the price o

f good x increases and his substitution and income effects change demand in opposite directions.
a. good x must be a Giffen good.
b. good x must be an inferior good.
c. WARP is violated.
d. good x must be a normal good.
e. There is not enough information to judge whether good x is a normal or inferior good.
Business
1 answer:
anzhelika [568]3 years ago
5 0

Answer:

B

Explanation:

Inferior good is a good whose demand decreases when income increases

The substitution effect looks at the change in price of a good relative to other goods.  When the price of good x increases, rob should increase consumption of good y and reduce that of good x if it were a normal good

The income effect looks at how a change in price affects real disposable income

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Answer:

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