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Answer to Question #147116 in Microeconomics for Ava

Question #147116
After decrease of peas from 40p to 20p, income of the consumer is £7.60. Find the substitution effect and income effect based on consumption of peas due to decrease of price.
1
Expert's answer
2020-12-01T10:11:12-0500

Substitution effect=

If 20p represents £7.60

What of 40p

40p× £7.60/20p

= £15.20

Income effect

Original price-new price

40p-20p

= 20p


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