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 98 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

tanna.moeller

  • Member
  • Posts: 328
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Two dogs copulating on a beach Two dogs copulating on a beach
Review Bundling, Add-on Codes, and Quantity Edits Review Bundling, Add-on Codes, and Quantity Edits
Weak valve springs will produce a normal reading at idle, but as engine speed increases, the needle ... Weak valve springs will produce a normal reading at idle, but as engine speed increases, the needle ...
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
A buffer solution is prepared using 0.5 moles of a weakly basic drug and an unknown quantity of ... A buffer solution is prepared using 0.5 moles of a weakly basic drug and an unknown quantity of ...
Video: Hemoglobin's affinity with oxygen - carbon dioxide, temperature and bisphosphoglycerate (BPG)

For a complete list of videos, visit our video library