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Author Question: If the income elasticity for canned food is 0.8, then canned food is an inferior good. Indicate ... (Read 263 times)

hbsimmons88

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on: Jun 29, 2018
If the income elasticity for canned food is 0.8, then canned food is an inferior good.
 
  Indicate whether the statement is true or false

Question 2

Refer to Figure 3-4. If the price is 10
 
  A) there would be a surplus of 600 units. B) there would be a surplus of 200 units.
  C) there would be a shortage of 200 units. D) there would be a shortage of 600 units.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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catron30

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

D


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