This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Demand is income elastic if A) a large percentage increase in income results in a small ... (Read 124 times)

lindiwe

  • Hero Member
  • *****
  • Posts: 577
on: Jun 29, 2018
Demand is income elastic if
 
  A) a large percentage increase in income results in a small percentage increase in quantity demanded.
  B) a small percentage increase in income results in a large percentage increase in quantity demanded.
  C) an increase in income does not affect the quantity demanded.
  D) the good in question has close substitutes.

Question 2

A firm's total cost (TC) equals the sum of its fixed cost plus its
 
  A) marginal cost.
  B) variable cost.
  C) variable cost plus its marginal cost.
  D) sunk cost plus its variable cost plus its marginal cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

raenoj

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


lindiwe

  • Member
  • Posts: 577
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

scikid

  • Member
  • Posts: 300
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Bacteria have flourished on the earth for over three billion years. They were the first life forms on the planet.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Nephroblastoma. A sectioned kidney reveals the presence of a very large tumor, which arose from feta Nephroblastoma. A sectioned kidney reveals the presence of a very large tumor, which arose from feta
Pyruvate oxidation results in three changes to pyruvate: Pyruvate oxidation results in three changes to pyruvate:
When using forearm pressure on the top of the shoulder, push with your back foot to increase your ... When using forearm pressure on the top of the shoulder, push with your back foot to increase your ...
What Percentage of U.S. Married Women Ages 40-44 Have Never Given Birth? What Percentage of U.S. Married Women Ages 40-44 Have Never Given Birth?
Inflammation of the oropharynx and petechiae (small red spots) on the soft palate caused by strep ... Inflammation of the oropharynx and petechiae (small red spots) on the soft palate caused by strep ...
The Scale of the Very Small and Very Large: Powers of 10 The Scale of the Very Small and Very Large: Powers of 10
Video: Fractures Animation

For a complete list of videos, visit our video library