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Author Question: Last year, Sefton purchased 60 pounds of potatoes to feed his family of five when his household ... (Read 108 times)

nautica902

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on: Jun 29, 2018
Last year, Sefton purchased 60 pounds of potatoes to feed his family of five when his household income was 30,000. This year, his household income fell to 20,000 and Sefton purchased 80 pounds of potatoes.
 
  All else constant, Sefton's income elasticity of demand for potatoes is
  A) positive, so Sefton considers potatoes to be a normal good and a necessity.
  B) positive, so Sefton considers potatoes to be an inferior good.
  C) negative, so Sefton considers potatoes to be an inferior good.
  D) negative, so Sefton considers potatoes to be a normal good.

Question 2

When a competitive equilibrium is achieved in a market
 
  A) the total net benefit to society is maximized.
  B) the total benefits to consumers are equal to the total benefits to producers.
  C) economic surplus equals the deadweight loss.
  D) all individuals are better off than they would be if a price ceiling or price floor was imposed by government.
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yotaSR5

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Reply #1 on: Jun 29, 2018
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.
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nautica902

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Reply #2 on: Jun 29, 2018
Correct answers!


yotaSR5

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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