« previous next »

Author Question: Cross-price elasticity of demand is used to determine whether a. a product is an inferior or normal ... (Read 86 times)

kellyjaisingh

  • Hero Member
  • *****
  • Posts: 540
on: Jul 1, 2018
Cross-price elasticity of demand is used to determine whether
 a. a product is an inferior or normal good
  b. a product is a necessity or a luxury
  c. two products are substitutes or complements
  d. price and total revenue are directly or inversely related
  e. the product's demand curve is linear

Question 2

If the cross-price elasticity of demand is -3, then the goods are __________ and the consumers' responsiveness would be characterized as __________.
 a. substitutes; inelastic
  b. substitutes; elastic
  c. substitutes; unit elastic
  d. complements; inelastic
  e. complements; elastic
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


k2629

  • Sr. Member
  • ****
  • Posts: 357
Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

E


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

A normal pregnancy. A normal pregnancy.
An Oil-dependent World— Supply and Demand Driven An Oil-dependent World— Supply and Demand Driven
Normal action of antidiuretic hormone. Normal action of antidiuretic hormone.
The growing demand for electrical power, carbon sequestration and storage must be a priority The growing demand for electrical power, carbon sequestration and storage must be a priority
Trihybrid cross to verify independent assortment Trihybrid cross to verify independent assortment
Cross-regulatory interactions between bithorax complex genes Cross-regulatory interactions between bithorax complex genes
Video: Introduction to Insulin

For a complete list of videos, visit our video library