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

Author Question: When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns ... (Read 91 times)

laurencescou

  • Hero Member
  • *****
  • Posts: 593
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

emilymalinowski12

  • Sr. Member
  • ****
  • Posts: 338
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

  • Member
  • Posts: 593
Reply 2 on: Jun 30, 2018
Excellent

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Atmospheric pressure decreases as altitude increases. Atmospheric pressure decreases as altitude increases.
The first commercially successful typewriter, manufactured in quantity beginning in 1874, surely fue The first commercially successful typewriter, manufactured in quantity beginning in 1874, surely fue
The number of words correctly completed in the New York Times crossword puzzle increases with age ... The number of words correctly completed in the New York Times crossword puzzle increases with age ...
What's Your BMI? As your BMI increases, you are more likely to be overweight or obese What's Your BMI? As your BMI increases, you are more likely to be overweight or obese
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Video: Genetic distance between human groups

For a complete list of videos, visit our video library