Maurice Tutor

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Category > Economics Posted 13 May 2018 My Price 7.00

Normal and inferior goods

8. Normal and inferior goods Eleanor enjoys going to the theater to see plays, and she also enjoys going to rock concerts. The following diagram shows two of Eleanor's indifference curves for going to plays and concerts. With Eleanor's initial budget constraint (BC1 ), she chose to go to four concerts and four plays per month (point X). Then her budget constraint shifted to BC2 , and she chose to go to five concerts and five plays per month (point Y). Of the following choices, which could have shifted Eleanor's budget constraint from BC1 to BC2 ? Check all that apply. Her income increased while the prices of theater and concert tickets stayed the same. The prices of both theater and concert tickets increased while her income stayed the same. The prices of both theater and concert tickets decreased while her income stayed the same. Her income decreased while the prices of theater and concert tickets stayed the same. Based on Eleanor's consumption of plays and concerts after her budget constraint shifted, plays are goods and concerts are goods.

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Maurice Tutor
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Status NEW Posted 13 May 2018 02:05 PM My Price 7.00

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