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 99 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
Excellent

pangili4

  • Member
  • Posts: 346
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

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?

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?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Mouse Brain Cross Sections Mouse Brain Cross Sections
Lateral Cross Section of the Nose Lateral Cross Section of the Nose
Channel Cross-Sectional Area Channel Cross-Sectional Area
Almonds and other nuts are also good sources of protein Almonds and other nuts are also good sources of protein
Palpating for skin elasticity Palpating for skin elasticity
Emerson’s Three-Point Test-Cross Analysis Emerson’s Three-Point Test-Cross Analysis
Video: Covalent bonds - role in the body

For a complete list of videos, visit our video library