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Author Question: The increase in the demand for widgets, shown in the figure above, is the result of an increase in ... (Read 27 times)

nautica902

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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

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

D

Answer to Question 2

C


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