« previous next »

Author Question: The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the ... (Read 117 times)

folubunmi

  • Hero Member
  • *****
  • Posts: 524
on: Jun 29, 2018
The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the quantity of vacations demanded at today's price will increase by ________ percent.
 
  A) 3
  B) 5/3
  C) 15
  D) 5

Question 2

Which of the following pairs of market types are both characterized by having a large number of firms?
 
  A) monopoly and oligopoly
  B) monopoly and monopolistic competition
  C) perfect competition and oligopoly
  D) perfect competition and monopolistic competition


swimkari

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Astronomers identified 12-billion-year-old white dwarf stars only 100 light years away from Earth Astronomers identified 12-billion-year-old white dwarf stars only 100 light years away from Earth
Does Intelligence Increase with Brain Size? Does Intelligence Increase with Brain Size?
Harlem’s Promise Academy has a record of graduating and sending to college more than 90 percent ... Harlem’s Promise Academy has a record of graduating and sending to college more than 90 percent ...
The year 2010 was the hottest since 1880 The year 2010 was the hottest since 1880
Percentage of higher-income Canadian households Percentage of higher-income Canadian households
At what pH is the amino acid glycine with a Ka of 2.51 × 10-10 sixty-six (66%) percent ... At what pH is the amino acid glycine with a Ka of 2.51 × 10-10 sixty-six (66%) percent ...
Video: Phases of the ovarian cycle

For a complete list of videos, visit our video library