This topic contains a solution. Click here to go to the answer

Author Question: Peanut butter and jelly are: a. substitutes and have a positive cross-price elasticity of demand. ... (Read 107 times)

futuristic

  • Hero Member
  • *****
  • Posts: 638
Peanut butter and jelly are:
 a. substitutes and have a positive cross-price elasticity of demand.
  b. complements and have a positive cross-price elasticity of demand.
  c. substitutes and have a positive cross-price elasticity of demand.
  d. complements and have a negative cross-price elasticity of demand.
  e. inferior goods when the income elasticity of demand is positive.

Question 2

Explain the concept of utility.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Bsand8

  • Sr. Member
  • ****
  • Posts: 327
Answer to Question 1

c

Answer to Question 2

Utility is a measure of the relative levels of satisfaction that consumers get from the consumption of goods and services. The concept is used to more clearly define the relationship between consumer choice and resource allocation.




futuristic

  • Member
  • Posts: 638
Reply 2 on: Jun 30, 2018
Gracias!


Liamb2179

  • Member
  • Posts: 365
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

For a complete list of videos, visit our video library