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

Author Question: Suppose the price elasticity of demand for good X is 1.5. If household income increases by 25%, ... (Read 43 times)

stananza

  • Full Member
  • ***
  • Posts: 162
on: Oct 12, 2022

Question 1

If the income elasticity of demand for a good is 0.75, a 25% increase in income results in
◦ a 0.1875% increase in quantity demanded.
◦ a 3% increase in quantity demanded.
◦ a 3% decrease in quantity demanded.
◦ an 18.75% increase in quantity demanded.
◦ There is not enough information to answer.

Question 2

Suppose the price elasticity of demand for good X is 1.5. If household income increases by 25%, ceteris paribus, what is the change in quantity demanded for good X?
◦ a 3.75% increase in quantity demanded
◦ a 0.375% increase in quantity demanded
◦ a 37.5% increase in quantity demanded
◦ no change in quantity demanded
◦ There is not enough information to answer this question.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by stananza on Oct 12, 2022

kugyo01

  • Full Member
  • ***
  • Posts: 156
Reply #1 on: Oct 12, 2022
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


stananza

  • Member
  • Posts: 162
Reply 2 on: Oct 12, 2022
:D TYSM

Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

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?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

The proportion of men and women with elevated blood pressure or taking hypertension medication incre The proportion of men and women with elevated blood pressure or taking hypertension medication incre
A typical good oxygen sensor waveform as displayed on a digital storage oscilloscope. Look for ... A typical good oxygen sensor waveform as displayed on a digital storage oscilloscope. Look for ...
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
Vegetable oils are good sources of essential fatty acids Vegetable oils are good sources of essential fatty acids
Nuts are also a good source of B group vitamins (including folate), and vitamin E Nuts are also a good source of B group vitamins (including folate), and vitamin E
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Video: Acid-base imbalances - metabolic acidosis and alkalosis

For a complete list of videos, visit our video library