« previous next »

Author Question: The demand for the product of a competitive price-taker firm is: a. perfectly inelastic. b. ... (Read 30 times)

imanialler

  • Hero Member
  • *****
  • Posts: 539
on: Jun 30, 2018
The demand for the product of a competitive price-taker firm is:
 a. perfectly inelastic.
  b. perfectly elastic.
  c. greater than zero but less than one.
  d. dependent on the availability of substitutes for the firm's product.

Question 2

Sally recently got a 15 percent raise. She now purchases 7.5 percent more steak dinners. Sally's income elasticity for steak dinners is:
 a. 0.5.
  b. 0.75.
  c. 1.5.
  d. 2.0.


xiaomengxian

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Medication errors are more common among seriously ill patients than with those with minor conditions.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

An Oil-dependent World— Supply and Demand Driven An Oil-dependent World— Supply and Demand Driven
J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
GloFish, marketed as the world’s first GM pet, are a controversial product of genetic engineering GloFish, marketed as the world’s first GM pet, are a controversial product of genetic engineering
The functional role of pRB. The pRB protein product of RB1 The functional role of pRB. The pRB protein product of RB1
Video: Gastrin (gastric emptying) & Secretin (buffering gastric acid)

For a complete list of videos, visit our video library