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Author Question: If a 6 percent increase in income leads to a 4 percent increase in quantity demanded for audio ... (Read 259 times)

crobinson2013

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on: Jun 29, 2018
If a 6 percent increase in income leads to a 4 percent increase in quantity demanded for audio books, the income elasticity of demand is
 
  A) -0.67. B) 0.67. C) 1.5. D) 2.

Question 2

What does a firm's production function show and how is it related to a total product curve?
 
  What will be an ideal response?


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covalentbond

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A firm's production function is the relationship between the maximum output attainable and the quantities of both capital and labor. The total product curve shows the maximum output that a given quantity of labor can produce for a given quantity of capital.


crobinson2013

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Reply 2 on: Jun 29, 2018
Wow, this really help

nathang24

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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