This topic contains a solution. Click here to go to the answer

Author Question: For Product X, the income elasticity of demand is 1.16. Which of the following is therefore ... (Read 36 times)

HCHenry

  • Hero Member
  • *****
  • Posts: 591
For Product X, the income elasticity of demand is 1.16. Which of the following is therefore definitely TRUE?
 
  A) Product X is a necessity.
  B) Product X is income elastic.
  C) Product X is a substitute for some other good.
  D) Product X is something that mostly poor people will buy.

Question 2

The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. Which of the following would lead the quantity of doughnuts in Kaffenia to differ from the efficient quantity?
 
  A) The existence of many producers and sellers of doughnuts.
  B) The existence of just one producer and seller of doughnuts.
  C) Damage to the environment from the disposal of oil used to cook the doughnuts.
  D) Both answers B and C are correct.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

hanadaa

  • Sr. Member
  • ****
  • Posts: 339
Answer to Question 1

B

Answer to Question 2

D




HCHenry

  • Member
  • Posts: 591
Reply 2 on: Jun 29, 2018
Wow, this really help


aruss1303

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

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

Did you know?

Children with strabismus (crossed eyes) can be treated. They are not able to outgrow this condition on their own, but with help, it can be more easily corrected at a younger age. It is important for infants to have eye examinations as early as possible in their development and then another at age 2 years.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

For a complete list of videos, visit our video library