1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their...

1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their consumption behavior. If school supplies and salty snacks are both normal goods with school supplies on the x-axis of the graph and salty snacks on the y-axis, explain how a decrease in consumers’ budgets would impact the consumption of school supplies and salty snacks.

b)Can school supplies be an inferior good at all budget levels? What might the relationship between budget and consumption of school supplies look like?

Expert Solution

Rahul Sunny answered 2 years ago

1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their...

1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their consumption behavior. If school supplies and salty snacks are both normal goods with school supplies on the x-axis of the graph and salty snacks on the y-axis, explain how a decrease in consumers’ budgets would impact the consumption of school supplies and salty snacks. c)If the state legislature is considering giving people gift certificates for school supplies, what considerations about the impact of gift...

1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their...

1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their consumption behavior. If school supplies and salty snacks are both normal goods with school supplies on the x-axis of the graph and salty snacks on the y-axis, explain how a decrease in consumers’ budgets would impact the consumption of school supplies and salty snacks. a) Suppose instead that state legislators think school supplies are an inferior good. If consumers’ budgets decrease, explain what would...

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1.Now state legislators want to make predictions about how changes in consumers’ budgets will impact their...

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