This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Demand is income elastic if A) a large percentage increase in income results in a small ... (Read 117 times)

lindiwe

  • Hero Member
  • *****
  • Posts: 577
on: Jun 29, 2018
Demand is income elastic if
 
  A) a large percentage increase in income results in a small percentage increase in quantity demanded.
  B) a small percentage increase in income results in a large percentage increase in quantity demanded.
  C) an increase in income does not affect the quantity demanded.
  D) the good in question has close substitutes.

Question 2

A firm's total cost (TC) equals the sum of its fixed cost plus its
 
  A) marginal cost.
  B) variable cost.
  C) variable cost plus its marginal cost.
  D) sunk cost plus its variable cost plus its marginal cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

raenoj

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


lindiwe

  • Member
  • Posts: 577
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

connor417

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Mutualisms, such as those that occur among plants and pollinators, generally involve large numbers o Mutualisms, such as those that occur among plants and pollinators, generally involve large numbers o
A finger-stick is useful for obtaining small amounts of blood. A finger-stick is useful for obtaining small amounts of blood.
Elastic Rebound Elastic Rebound
Complement Activation and Results Complement Activation and Results
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
Results and interpretation of a mixed copolymer Results and interpretation of a mixed copolymer
Video: Adolescent Diabetes

For a complete list of videos, visit our video library