This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the cross-price elasticity of demand is -3, then a. the goods are substitutes b. one good is ... (Read 100 times)

mckennatimberlake

  • Hero Member
  • *****
  • Posts: 559
on: Jul 1, 2018
If the cross-price elasticity of demand is -3, then
 a. the goods are substitutes
  b. one good is price inelastic
  c. one good is an inferior good
  d. one good is a luxury good
  e. the goods are complements

Question 2

Suppose the cross-price elasticity of demand between quinces and muskmelons is 5 . Which of the following must be true?
 a. Quinces are normal goods.
  b. Muskmelons are normal goods.
  c. If the price of quinces rises by 5, the demand for muskmelons will increase by 1.
  d. If the price of muskmelons rises by 5, the demand for quinces will increase by 1.
  e. Quinces and muskmelons are substitutes.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

scottmt

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

E


mckennatimberlake

  • Member
  • Posts: 559
Reply 2 on: Jul 1, 2018
:D TYSM

fatboyy09

  • Member
  • Posts: 358
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Meningocele. (a) A meningocele is a herniation of the meninges, usually associated with the spinal c Meningocele. (a) A meningocele is a herniation of the meninges, usually associated with the spinal c
The demand for cheap coal to generate electrical power is rising The demand for cheap coal to generate electrical power is rising
The Do's and Don'ts of Cross-Contamination The Do's and Don'ts of Cross-Contamination
7-month-old Leslie —an example of cross-modal transfer 7-month-old Leslie —an example of cross-modal transfer
Punnett square of the dihybrid cross shown in Figure 3.8. There are two combinations of dominant and Punnett square of the dihybrid cross shown in Figure 3.8. There are two combinations of dominant and
Cross-regulatory interactions among gap genes Cross-regulatory interactions among gap genes
Video: Premenstrual Syndrome

For a complete list of videos, visit our video library