Often economists measure the loss in consumer surplus by looking at the changing area below the Marshallian demand curve. This approach will provide a more accurate measure of the compensating variation of such a price increase if:
a. the good occupies a small portion of a person's budget.
b. the good occupies a large portion of a person's budget.
c. the good has many close substitutes.
d. the good has few substitutes.
Question 2
In the electric power industry, residential customers have relatively ____ demand for electricity compared with large industrial users. But contrary to price discrimination, large industrial users generally are charged ____ rates.
a. similar, similar
b. elastic, lower
c. elastic, higher
d. inelastic, lower
e. inelastic, higher
Scale used to measure pupil size in millimeters.
Calipers are used to measure the body fat on the triceps of a patient.
The popliteal area. Avoid heavy pressure over the back of the knee joint.
How to choose the right payment plan with changing conditions (Question 4)
How to solve problems involving the area of a rectangle
Gas pressure loss and venturi flowmeter