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Author Question: The opportunity cost to the consumer of purchasing and consuming one more unit of a good is called ... (Read 46 times)

mspears3

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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?


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ambernicolefink

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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

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

Dinolord

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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