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 119 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
:D TYSM

tanna.moeller

  • Member
  • Posts: 328
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

The Green Pygmy Goose (Nettapus pulchellus) is a small perching duck which breeds in southern New Gu The Green Pygmy Goose (Nettapus pulchellus) is a small perching duck which breeds in southern New Gu
Sociologists use income, education, and occupational prestige to measure social class. For most ... Sociologists use income, education, and occupational prestige to measure social class. For most ...
The growing demand for electrical power, carbon sequestration and storage must be a priority The growing demand for electrical power, carbon sequestration and storage must be a priority
Active transport: Absorption Methods in the Small Intestine Active transport: Absorption Methods in the Small Intestine
Guidelines for Creating Small Plates Guidelines for Creating Small Plates
Solow Model with Saving Dependent on Income Level Solow Model with Saving Dependent on Income Level
Video: Atrial natriuretic peptide (vasodilation) & Aldosterone

For a complete list of videos, visit our video library