Neville from Your Workbook Has a Friend Named Cedric

question 29

Multiple Choice

Neville from your workbook has a friend named Cedric.Cedric has the same demand function for claret as Neville, namely q = .02m - 2p, where m is income and p is price.Cedric's income is $6,000 and he initially had to pay a price of $40 per bottle of claret.The price of claret rose to $60.The substitution effect of the price change

• A)reduced his demand by 24.
• B)reduced his demand by 40.
• C)reduced his demand by 56.
• D)increased his demand by 40.
• E)reduced his demand by 34.

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