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Author Question: The demand for pizzas in a large town is written as: Qd = 120 - 10P + 5Pb - 0.5Ps - 10Y, where Qd ... (Read 77 times)

debasdf

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on: Jul 1, 2018
The demand for pizzas in a large town is written as:
 
  Qd = 120 - 10P + 5Pb - 0.5Ps - 10Y, where Qd is the quantity demanded, P is the price, Pb is the price of burritos, Ps is the price of soft drinks sold in the pizza restaurants, and Y is personal income per month (in thousand dollars). If there is a 1,000 increase in personal income, how will the Qd change?
  A) increase by 10
  B) decrease by 10
  C) unchanged
  D) not enough information provided

Question 2

Indifference curves that are thick violate
 
  A) the assumption of transitivity.
  B) the assumption that more is better.
  C) the assumption of completeness.
  D) none of the assumptions.


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nyrave

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

B

Answer to Question 2

B


debasdf

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

nguyenhoanhat

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Reply 3 on: Yesterday
Excellent

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