The table shows the prices that Terry paid for some of his expenditures in June and July

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The table shows the prices that Terry paid for some of his expenditures in June and July 2016. Explain and discuss why these prices might have led to commodity substitution or outlet substitution.

Price in Price in June (dollars per unit) July Item Steak 4.11 4.01 Bread 3.25 3.12 Bacon 3.62 3.64 2.62 Milk 2.62 1.60

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Foundations of Macroeconomics

ISBN: 978-0134492001

8th edition

Authors: Robin Bade, Michael Parkin

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Question Posted: May 18, 2018 03:04 AM

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The table shows the prices that Terry paid for some of his expenditures in June and July

Question:

Price in Price in June (dollars per unit) July Item Steak 4.11 4.01 Bread 3.25 3.12 Bacon 3.62 3.64 2.62 Milk 2.62 1.60 Tomatoes 1.62 1.18 1.19 Apples Bananas 0.62 0.66 Chicken 1.28 1.26 Lettuce 1.64 1.68

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Terry will substitute other products commodity substitution or other locat...View the full answer

Foundations of Macroeconomics

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