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Price of butter in 1980's

Updated: 8/22/2023
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14y ago

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The price of butter in the 1970's was around $0.87

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14y ago
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11y ago

I think about $1.30 cents a pound and that was real butter, not margarine

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Continue Learning about Economics

What was the price of crude oil in the 1980s?

In 1977, the average price for a barrel of crude oil was $14.40 (about $60.00 in today's dollars).


What will happen if the price of butter goes up?

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When the price of oil rose in the 1980s many Latin American countries?

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What is the difference between complementary goods and substitute goods?

Complementary goods are two goods that an increase in the price of Good A will cause the demand curve for Good B to shift left. In other words, less of Good B is demanded at every price because the price of Good A has increased. A decrease in the price of Good A will cause the demand curve for Good B to shift right. For example, say Good A is peanut butter and Good B is bread. If the price of peanut butter goes up, people will buy less peanut butter. Since peanut butter and bread are complementary goods, when people buy less peanut butter, they will also buy less bread because they don't need as much bread if they don't have as much peanut butter. Substitute goods are two goods that an increase in the price of Good A will cause the demand curve for Good B to shift right. In other words, more of Good B is demanded at every price because the price of Good A has increased. A decrease in the price of Good A will cause the demand curve for Good B to shift left. For example, say Good A is margarine and Good B is butter. Both are used as spread. If the price of margarine goes up, people will buy butter instead. That's why margarine and butter are substitute goods. The butter can act as a substitute for the margarine.


How much did the price of a jar of peanut butter increase from 1980 to 2000?

$1.62