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

Author Question: The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called ... (Read 98 times)

mspears3

  • Hero Member
  • *****
  • Posts: 586
on: Jun 29, 2018
The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called the marginal benefit.
 
  Indicate whether the statement is true or false

Question 2

Joe's monthly income increases from 1,000 to 2,000. As a result, he decreases the number of his fast food meals from 20 to 5 per month. To Joe, are fast-food meals a normal or an inferior good? What kind of elasticity can tell the answer? Explain.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ambernicolefink

  • Sr. Member
  • ****
  • Posts: 359
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

Fast-food meals are an inferior good to Joe because his income elasticity of demand for fast-food meals is negative: as Joe's income increases, the quantity of fast-food meals he demands decreases.


mspears3

  • Member
  • Posts: 586
Reply 2 on: Jun 29, 2018
:D TYSM

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Bay (left) and chestnut (sometimes called "sorrel") are two of the most common coat colors Bay (left) and chestnut (sometimes called "sorrel") are two of the most common coat colors
In this photo opportunity, Phillies manager Ben Chapman refused to shake Jackie Robinson’s hand. ... In this photo opportunity, Phillies manager Ben Chapman refused to shake Jackie Robinson’s hand. ...
Schematic Diagram of Steam-to-air experiment (CHE415 Unit Operations) Schematic Diagram of Steam-to-air experiment (CHE415 Unit Operations)
A functional renal unit. A functional renal unit.
The upper intake manifold, often called a plenum, attaches to the lower intake manifold. The upper intake manifold, often called a plenum, attaches to the lower intake manifold.
Vegetable oils are good sources of essential fatty acids Vegetable oils are good sources of essential fatty acids
Video: Stroke volume - contractility definition

For a complete list of videos, visit our video library