« previous next »

Author Question: Which of the following goods is likely to have the lowest price elasticity of demand? A) ... (Read 69 times)

kshipps

  • Hero Member
  • *****
  • Posts: 571
on: Jun 29, 2018
Which of the following goods is likely to have the lowest price elasticity of demand?
 
  A) Life-saving drugs
  B) Potato chips
  C) Chocolates
  D) Decorative flowers

Question 2

Suppose that you are spending two hours a day studying economics, and your grade is 85 percent. You want a higher grade and decide to study for an extra hour a day. As a result, your grade rises to 90 percent. Your marginal benefit is the
 
  A) 5 point increase in your grade minus the opportunity cost to you of spending the hour studying.
  B) extra hour per day you spend on studying.
  C) 5 point increase in your grade.
  D) three hours per day you spend on studying.


Brummell1998

  • Sr. Member
  • ****
  • Posts: 324
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

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.

This lithograph by Currier and Ives gives an erroneous impression of the “battle.” Major Robert Ande This lithograph by Currier and Ives gives an erroneous impression of the “battle.” Major Robert Ande
The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage
Economic recession in 2008 saw a small decrease in demand Economic recession in 2008 saw a small decrease in demand
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
During a period of high power demand, the voltage output of the power company is reduced by ... During a period of high power demand, the voltage output of the power company is reduced by ...
Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ... Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ...
Video: Normal and abnormal blood pH

For a complete list of videos, visit our video library