0 University of Vermont- EC 011 Principles of Fal18- LAW: Ch. 5 Jump to.. Shujie

Question

0 University of Vermont- EC 011 Principles of Fal18- LAW: Ch. 5 Jump to.. Shujie Chen 9/26/2018 11:55 PM 87.1/100 3 Gradebook Question 15 of 17 Sapling Learning Sort the following scenarios according the CPI bias New goods Quality chang Commodlity substitution uttitution Frustrated with prices at department stores, Karina buys more chicken because Yarib decides to start shopping at discount stores. the price of ground beef increased Chase buys a new minivan because Joan buys an electric car that his old minivan did not have airbags is new to the market in 2014. about us careers privacy policy terms of use contactus help MacBook A

Explanation / Answer

Consider the given problem.

So, here “frustrated with prices at departmental stores, Yarib decides to start shopping at discounted stores”, => the “outlet substitution”.

Now, “Karina buys more chicken because the price of ground beef increased” represent the “commodity substitution”.

Similarly, “Chase buys a new minivan because his old minivan didn’t have airbags”, represent “quality change”.

Finally, “Joan buys an electronic car that is new to the market in 2014”, represent “New goods”.

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