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Author Question: Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income ... (Read 287 times)

kellyjaisingh

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on: Jul 1, 2018
Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is .75. What is the income elasticity of demand for Tea?
 
  A) 1.25
  B) .75
  C) 1
  D) Unknown with the information provided

Question 2

Which of the following will not cause a short-run shift in the supply curve?
 
  A) a change in the number of sellers
  B) a change in the cost of resources
  C) a change in the price of the product
  D) a change in future expectations


wshriver

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

A

Answer to Question 2

C


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kellyjaisingh

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Reply #2 on: Jul 1, 2018
Thank you


wshriver

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Reply #3 on: Jul 1, 2018
No problemo


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