« previous next »

Author Question: If the income elasticity for canned food is 0.8, then canned food is an inferior good. Indicate ... (Read 177 times)

hbsimmons88

  • Hero Member
  • *****
  • Posts: 526
on: Jun 29, 2018
If the income elasticity for canned food is 0.8, then canned food is an inferior good.
 
  Indicate whether the statement is true or false

Question 2

Refer to Figure 3-4. If the price is 10
 
  A) there would be a surplus of 600 units. B) there would be a surplus of 200 units.
  C) there would be a shortage of 200 units. D) there would be a shortage of 600 units.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


catron30

  • Sr. Member
  • ****
  • Posts: 297
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Your heart beats over 36 million times a year.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Reaching out for food on a garden bird feeder. Squirrels can rotate their hind feet, allowing them t Reaching out for food on a garden bird feeder. Squirrels can rotate their hind feet, allowing them t
A good Mnemonic to know Mg K Ca Na A good Mnemonic to know Mg K Ca Na
The Food Label Provides Valuable Consumer Information Manufacturers must adhere to strict labeling The Food Label Provides Valuable Consumer Information Manufacturers must adhere to strict labeling
Immune Response to a Food Allergen Immune Response to a Food Allergen
How Health Interacts with Income How Health Interacts with Income
Construct a Lorenz curve that shows income distribution in this society. Construct a Lorenz curve that shows income distribution in this society.
Video: Causes of Angina

For a complete list of videos, visit our video library