Andrew, a college student, loves drinking coffee late at night to study for exams. Having no income, he is used to buying cheap, bad-tasting coffee, such as beanlightened, that he needs to grind and brew himself. The coffee tastes putrid but, with enough cream and sugar, andrew is able to tolerate it. Occasionally, he does go out to starbucks when he has spare money. After graduation, andrew gets a job working at a database firm as a programmer. His income is now a healthy $75,000 a year, and he decides he has had enough bad-tasting coffee. He ends up buying coffee daily from starbucks, even though it costs significantly more than beanlightened. Andrew's demand for starbucks coffee changed as a result of a change in income. A change in technology. A change in expectations. A change in a related good or service. A change in the number of consumers. Beanlightened coffee is for andrew a(n) in economic terms, starbucks coffee is for andrew a(n)

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12-09-2018
Business

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Andrew, a college student, loves drinking coffee late at night to study for exams. Having no income, he is used to buying cheap, bad-tasting coffee, such as beanlightened, that he needs to grind and brew himself. The coffee tastes putrid but, with enough cream and sugar, andrew is able to tolerate it. Occasionally, he does go out to starbucks when he has spare money. After graduation, andrew gets a job working at a database firm as a programmer. His income is now a healthy $75,000 a year, and he decides he has had enough bad-tasting coffee. He ends up buying coffee daily from starbucks, even though it costs significantly more than beanlightened. Andrew's demand for starbucks coffee changed as a result of a change in income. A change in technology. A change in expectations. A change in a related good or service. A change in the number of consumers. Beanlightened coffee is for andrew a(n) in economic terms, starbucks coffee is for andrew a(n)

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Answer: Change in income, inferior good, normal good

Explanation: Andrew consumed bean-lightened coffee when he had no income. But when he got the job paying him $75,000 a year he shifted his demand to consuming Starbucks even though it costed more than bean-lightened. This change in demand is solely due to a rise in income.

When demand for a good decreases with an increase in income, they are termed as inferior goods. In this case, Bean-lightened coffee is an inferior good for Andrew since he consumed more at Starbucks when his income increases. Starbucks is therefore a normal good for Andrew since an increase in income leads to an increase in quantity demanded at Starbucks.