This topic contains a solution. Click here to go to the answer

Author Question: For Product X, the income elasticity of demand is 1.16. Which of the following is therefore ... (Read 69 times)

HCHenry

  • Hero Member
  • *****
  • Posts: 591
For Product X, the income elasticity of demand is 1.16. Which of the following is therefore definitely TRUE?
 
  A) Product X is a necessity.
  B) Product X is income elastic.
  C) Product X is a substitute for some other good.
  D) Product X is something that mostly poor people will buy.

Question 2

The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. Which of the following would lead the quantity of doughnuts in Kaffenia to differ from the efficient quantity?
 
  A) The existence of many producers and sellers of doughnuts.
  B) The existence of just one producer and seller of doughnuts.
  C) Damage to the environment from the disposal of oil used to cook the doughnuts.
  D) Both answers B and C are correct.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

hanadaa

  • Sr. Member
  • ****
  • Posts: 339
Answer to Question 1

B

Answer to Question 2

D




HCHenry

  • Member
  • Posts: 591
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review


sarah_brady415

  • Member
  • Posts: 328
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

More than 4.4billion prescriptions were dispensed within the United States in 2016.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

For a complete list of videos, visit our video library