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

Author Question: If the cross-price elasticity of demand is -3, then a. the goods are substitutes b. one good is ... (Read 96 times)

mckennatimberlake

  • Hero Member
  • *****
  • Posts: 559
on: Jul 1, 2018
If the cross-price elasticity of demand is -3, then
 a. the goods are substitutes
  b. one good is price inelastic
  c. one good is an inferior good
  d. one good is a luxury good
  e. the goods are complements

Question 2

Suppose the cross-price elasticity of demand between quinces and muskmelons is 5 . Which of the following must be true?
 a. Quinces are normal goods.
  b. Muskmelons are normal goods.
  c. If the price of quinces rises by 5, the demand for muskmelons will increase by 1.
  d. If the price of muskmelons rises by 5, the demand for quinces will increase by 1.
  e. Quinces and muskmelons are substitutes.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

scottmt

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

E


mckennatimberlake

  • Member
  • Posts: 559
Reply 2 on: Jul 1, 2018
Wow, this really help

debra928

  • Member
  • Posts: 342
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Liver lobule cross section Liver lobule cross section
Intradermal drug administration: (a) cross section of skin showing depth of needle insertion Source: Intradermal drug administration: (a) cross section of skin showing depth of needle insertion Source:
Good body mechanics for sitting on chair while performing massage. A. Sit with back and head in ... Good body mechanics for sitting on chair while performing massage. A. Sit with back and head in ...
Almonds and other nuts are also good sources of protein Almonds and other nuts are also good sources of protein
Politics, Power and the Common Good: An Introduction to Political Science, 5/E Politics, Power and the Common Good: An Introduction to Political Science, 5/E
The phenotypic and genotypic ratios of a dihybrid cross can be derived using a branched-line method The phenotypic and genotypic ratios of a dihybrid cross can be derived using a branched-line method
Video: B cells and antibodies

For a complete list of videos, visit our video library