Author Question: The market demand curve for denim jeans is Q = 231 - 45 P + 23 I where P is the product price and I ... (Read 65 times)

audragclark · **on:** Jul 1, 2018

The market demand curve for denim jeans is Q = 231 - 45 P + 23 I where P is the product price and I is per-capita consumer income. Which of the following statements about this demand function is NOT true?

A) Denim jeans are normal goods.
B) The price elasticity of demand is -45.
C) The demand curve is downward sloping.
D) The Engel curve for this denim jeans is upward sloping.

Question 2

Repetition of a game

A) yields the same outcome, over and over.
B) can result in behavior that is different from what it would be if the game were played only once.
C) is not possible.
D) makes cooperative games into non-cooperative games.
E) is possible only if the payoffs in the matrix change.