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Author Question: The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the ... (Read 130 times)

folubunmi

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on: Jun 29, 2018
The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the quantity of vacations demanded at today's price will increase by ________ percent.
 
  A) 3
  B) 5/3
  C) 15
  D) 5

Question 2

Which of the following pairs of market types are both characterized by having a large number of firms?
 
  A) monopoly and oligopoly
  B) monopoly and monopolistic competition
  C) perfect competition and oligopoly
  D) perfect competition and monopolistic competition


swimkari

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

C

Answer to Question 2

D


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