Last year, the price of chicken was $6 per pound and the price of fish was $7 per pound. This year, the price of chicken is $10 per pound and the price of fish is $11 per pound. All other things equal, and assuming that Brian purchased both items before, what would you expect to happen to his purchases of chicken (relative to fish ) this year?

Question

Business

Selah Pace

24 November, 06:36

Last year, the price of chicken was $6 per pound and the price of fish was $7 per pound. This year, the price of chicken is $10 per pound and the price of fish is $11 per pound. All other things equal, and assuming that Brian purchased both items before, what would you expect to happen to his purchases of chicken (relative to fish ) this year?

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Answers (1)

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Velasquez · Answer 1

since the relative price of chicken has increased, Brian would be expected to still purchase chicken but at a lesser quantity

Explanation:

Based on the information provided within the question it can be said that in this scenario since the relative price of chicken has increased, Brian would be expected to still purchase chicken but at a lesser quantity. Mainly due to the fact that he previously purchased chicken which was at a dollar difference than the fish, and now both fish and chicken have risen in price but still remain at a dollar difference with chicken being cheaper than fish.