Author Question: Duke increased his spending on steak from 7 to 11 per week because of a 12 percent salary increase, ... (Read 78 times)

fasfsadfdsfa · **on:** Jun 29, 2018

Duke increased his spending on steak from 7 to 11 per week because of a 12 percent salary increase, so his

A) income elasticity of demand for steak is 1.37.
B) price elasticity of demand for steak is 1.37.
C) income elasticity of demand for steak is 3.7.
D) price elasticity of demand for steak is 3.7.

Question 2

In the absence of property rights, factories will dump waste into a waterway up to the point where ________ equals ________.

A) marginal social cost; marginal social benefit
B) marginal social cost; marginal private cost
C) marginal private cost; marginal private benefit
D) marginal private cost; marginal social cost