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Author Question: Consider the two following statements: I. x is an inferior good. II. x exhibits Giffen's Paradox. ... (Read 73 times)

rlane42

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on: Jul 1, 2018
Consider the two following statements: I. x is an inferior good. II. x exhibits Giffen's Paradox. Which of the following is true?
 a. I implies II, but II does not necessarily imply I.
  b. II implies I, but I does not necessarily imply II.
  c. I and II are statements of the same phenomenon.

Question 2

Unique Creations has a monopoly position in magnometers. If the marginal cost for a magnometer is 50 and the price elasticity for magnometers is -4, what is the optimal monopoly price?
 a. 37.50
  b. 41.25
  c. 66.67
  d. 75.00
  e. 82.50


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iceage

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

c


rlane42

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  • Posts: 594
Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

covalentbond

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  • Posts: 336
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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