teelavee4378 teelavee4378

Today at 1:31 PM
Social Studies

Answered

Assume that beer is a normal good. If the price of beer rises, then the substitution effect results in the person buying of the good and the income effect results in the person buying of the good.

Answer :

micahdavid126 micahdavid126

Today at 1:36 PM

Answer:

less, less

Explanation:

then the substitution effect results in the person buying less of the good and the income effect results in the person buying less of the good.

Due to price rise, consumer will shift to cheaper goods, therefore the rate at which people buying beer will decrease. The consumer's real purchasing power has decreased and since beer is a normal good, the decrease in purchasing power will lead to a decrease in the quantity of beer demanded by the consumer

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