« previous next »

Author Question: To say that turnips are inferior goods means that the income elasticity A) is definitely greater ... (Read 70 times)

amal

  • Hero Member
  • *****
  • Posts: 572
on: Jun 29, 2018
To say that turnips are inferior goods means that the income elasticity
 
  A) is definitely greater than 1.
  B) is definitely between 0 and 1.
  C) is positive but could be greater than or less than (or equal to) 1.
  D) is negative.

Question 2

Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for 3. What is the value of marginal product from hiring the fourth worker?
 
  A) 2,400
  B) 840
  C) 120
  D) 60


Danny Ewald

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

D

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

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?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Greater Flamingo Greater Flamingo
Worldwide Variations in Population and Income Levels Worldwide Variations in Population and Income Levels
How People Match Their Goals to Their Means How People Match Their Goals to Their Means
Inferior mirage Inferior mirage
Regional Variation in Income and Access to the Sea Regional Variation in Income and Access to the Sea
Relationship between Income Inequality and the Desired Tax Rate Relationship between Income Inequality and the Desired Tax Rate
Video: Basic rhythm - control centers in medulla oblongata, spirograph and normal tidal cycle

For a complete list of videos, visit our video library