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Author Question: If butter has an income elasticity equal to 0.75, then butter is an inferior good. a. True b. ... (Read 195 times)

ahriuashd

  • Hero Member
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  • Posts: 535
on: Jun 30, 2018
If butter has an income elasticity equal to 0.75, then butter is an inferior good.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

An understanding of opportunity costs is important to understanding:
 a. how to calculate the total revenue generated by a firm.
  b. how to assess the economic profitability of a firm.
 c. How to calculate the tax liability of a firm.
 d. how accountants calculate accounting profits.


tuwy

  • Sr. Member
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  • Posts: 336
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

b


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