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

Author Question: Studies show that the income elasticity of demand for wine is approximately five. What does this mean? (Read 128 times)

TFauchery

  • Hero Member
  • *****
  • Posts: 500
on: Oct 5, 2019

Studies show that the income elasticity of demand for wine is approximately five. What does this mean?


◦

A 1 percent increase in income leads to a 5 percent increase in wine consumption.


◦

Wine is a relatively elastic good.


◦

A 5 percent increase in income leads to a 1 percent increase in wine consumption.


◦

A 1 percent decrease in the price of wine leads to a 5 percent increase in wine consumption.

InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by TFauchery on Oct 5, 2019

ApricotDream

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Oct 5, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 50% of students answer this correctly


TFauchery

  • Hero Member
  • *****
  • Posts: 500
Reply #2 on: Oct 5, 2019
TY


ApricotDream

  • Sr. Member
  • ****
  • Posts: 336
Reply #3 on: Oct 5, 2019
You're welcome


« previous next »
 

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

A microsatellite locus can show linkage to a disease gene A microsatellite locus can show linkage to a disease gene
Why would anyone decorate herself like this? Among the many reasons, one is to show solidarity ... Why would anyone decorate herself like this? Among the many reasons, one is to show solidarity ...
Income Inequality in the United States: 1947–2009 Income Inequality in the United States: 1947–2009
How Health Interacts with Income How Health Interacts with Income
Health and Income per Capita: Two Views Health and Income per Capita: Two Views
Barenboim's study show the change in children's descriptions of their peers Barenboim's study show the change in children's descriptions of their peers
Video: Introduction to Pre-eclampsia

For a complete list of videos, visit our video library