« previous next »

Author Question: The increase in the demand for widgets, shown in the figure above, is the result of an increase in ... (Read 17 times)

nautica902

  • Hero Member
  • *****
  • Posts: 591
on: Jun 29, 2018
The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from 28,500 per year to 31,500 per year. Therefore, the income elasticity of demand for widgets is
 
  A) 0.25.
  B) 0.75.
  C) 1.33.
  D) 4.00.

Question 2

The figure above shows Sam's budget line. Which of the following would result in Sam's budget line rotating outward and not changing its horizontal intercept?
 
  A) a fall in the price of a pound of coffee
  B) a rise in the price of a pound of coffee
  C) a fall in the price of a gallon of gasoline
  D) a rise in the price of a gallon of gasoline


Kaytorgator

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Salt marsh channels shown in cross section. Salt marsh channels shown in cross section.
As a result of this change, deoxyhemoglobin S As a result of this change, deoxyhemoglobin S
A peroxidation reaction involving a fatty acid is depicted in the figure below. A peroxidation reaction involving a fatty acid is depicted in the figure below.
figure 18-1 pituitary hormones figure 18-1 pituitary hormones
Factors that Increase Cardiac Output Factors that Increase Cardiac Output
The obese (ob) mouse mutant, shown on the left (a normal mouse is on the right), has provided many c The obese (ob) mouse mutant, shown on the left (a normal mouse is on the right), has provided many c
Video: Stroke volume

For a complete list of videos, visit our video library