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Author Question: When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns ... (Read 53 times)

laurencescou

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on: Jun 30, 2018
When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns declines. This situation describes:
 a. the income elasticity of demand for hot dogs.
  b. the income elasticity of demand for hot dog buns.
  c. the price elasticity of supply for hot dogs.
  d. the negative cross-price elasticity of demand for hot dogs and hot dog buns.
  e. the positive cross-price elasticity of supply for hot dogs and hot dog buns.

Question 2

How does the law of demand reflect the law of diminishing marginal utility?


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emilymalinowski12

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

The law of demand states that when the price of a good is reduced, the quantity of that good demanded will increase. At lower prices, consumers will buy more because they are getting relatively more satisfaction for each dollar spent on a good.


laurencescou

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

amandalm

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Reply 3 on: Yesterday
:D TYSM

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