How is the substitution and the income effect prevalent in your life? In your answer, use substitution effect, complements (complementary goods), substitutions, income effect, normal goods, and inferior goods. Provide an example of each term from your life.

six ways

Explanation:

There are several ways to distribute the jelly beans. One simple way is to divide the beans among the people. This results in the equal distribution in the beans by letting each member have 6 beans each. However, since the distribution happens in a number of ways, a variety of ways are possible. We can use the binomial theorem to discuss the number of ways that this can be possible.