Mission brand and Santitas brand tortilla chips are perfect substitutes. Lou has $20. If Mission chips...
Mission brand and Santitas brand tortilla chips are perfect substitutes. Lou has $20. If Mission chips cost $4 and Santitas brand cost $5 what is Lou’s demand for Santitas Chips?
Homework Answers
As both the types of chips are perfect substitutes to each other, it means that the utility from the consumption of each type of chips is same.
Hence, the consumer will consume the product which costs him less.
Now, if the cost of Mission chips is less than the cost of Santitas brand, then consumer will demand Mission chips only.
Hence, consumer will demand zero quantity of Santitas brand chips and will demand 5 units of Mission chips from his income.
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Mission brand and Santitas brand tortilla chips are perfect
substitutes. Lou has $20. If Mission chips...
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