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Author Question: If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of ... (Read 194 times)

burton19126

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on: Jun 29, 2018
If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of demand of the DVD for the movie The Hangover should be
 
  A) less then 0.8 in absolute value.
  B) equal to zero because the DVD of this movie has been out for several years.
  C) equal to 1 in absolute value.
  D) greater than 0.8 in absolute value.

Question 2

Why are checks and credit cards not money?
 
  What will be an ideal response?
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matt95

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Checks and credit cards are not money because they are not a means of payment. A check is an order to transfer a deposit from one person to another. The deposits are money but the checks are not. A credit card is an ID card that lets a person take out a loan at the instant he or she buys something. The loan still needs to be repaid with money so the credit card is not a means of payment, that is, it is not money.


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burton19126

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Reply #2 on: Jun 29, 2018
Thank you


matt95

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Reply #3 on: Jun 29, 2018
No problemo


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