This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The price of wheat has fallen since 1950. Which of the following explains this price decline? A) ... (Read 78 times)

jerry coleman

  • Hero Member
  • *****
  • Posts: 570
on: Jun 29, 2018
The price of wheat has fallen since 1950. Which of the following explains this price decline?
 
  A) The price elasticity of demand is less than 1 (in absolute value) and wheat is an inferior good.
  B) The price elasticity of demand is greater than 1 (in absolute value) and the income elasticity of demand for wheat is greater than 1.
  C) The price elasticity of demand is greater than 1 (in absolute value) and the income elasticity of demand for wheat is low.
  D) The price elasticity of demand is less than 1 (in absolute value) and the income elasticity of demand for wheat is low.

Question 2

Refer to Table 4-8. Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
 
  A) W = 10.00; Q = 390,000 B) W = 8.50; Q = 340,000
  C) W = 9.50; Q = 380,000 D) W = 8.00; Q = 350,000
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

gasdhashg

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 29% of students answer this correctly


jerry coleman

  • Member
  • Posts: 570
Reply 2 on: Jun 29, 2018
:D TYSM

Jossy

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Patients should never assume they are being given the appropriate drugs. They should make sure they know which drugs are being prescribed, and always double-check that the drugs received match the prescription.

Independent assortment of chromosomes at meiosis explains Mendel’s ratio Independent assortment of chromosomes at meiosis explains Mendel’s ratio
Jane Hammond, Fallen. Jane Hammond, Fallen.
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
Wheat Plant Wheat Plant
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Genetic terms Animation

For a complete list of videos, visit our video library