2. The following hypothetical table is John's demand for pandesal from Dec 2016 to January 2017 given his monthly income. Price per pc Quantity Income (P/mo) Dec 2016 2.00 100 5,000 Jan 2017 2.00 120 4,000 a. What happened to John's income after December? b. What happened to the quantity of pandesal bought by John? What economic concept is being shown by the relationship between John's income and his demand for pandesal? C.

2. The following hypothetical table is John's demand for pandesal from Dec 2016 to January 2017 given his monthly income. Price per pc Quantity Income (P/mo) Dec 2016 2.00 100 5,000 Jan 2017 2.00 120 4,000 a. What happened to John's income after December? b. What happened to the quantity of pandesal bought by John? What economic concept is being shown by the relationship between John's income and his demand for pandesal? C.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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