Problem
You and your friends are considering vacationing in either Cabo San Lucas or Cancun for spring break. When you first researched the cost of your hotel and flights, the total price was $1,000 to each destination. However, a sale has lowered the total cost of going to Cancun to $800. Does this change create a substitution effect, a real-income effect, or both? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.