For each of the following scenarios, state whether the incom…
Questions
Fоr eаch оf the fоllowing scenаrios, stаte whether the income effect, the substitution effect, or both are significant and explain why. 1. Cranberry juice represents a small share of Edith's spending. The price of cranberries increased dramatically due to poor weather. Edith elects to buy orange juice instead of cranberry juice. 2. Students at a nearby college are forced to pay more for a semester-long dining card/meal ticket. This represents a significant increase to living costs. As a result, many students have less money to spend at nearby restaurants during the weekends and eat in the cafeteria instead. Assume that cafeteria meals are an inferior good. 3. Terri goes to the farmers' market to buy 1 carton of strawberries. The price of strawberries falls from $3 to $1 per carton. Terri now buys 3 cartons instead of 1.
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