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

Author Question: Last year, Sefton purchased 60 pounds of potatoes to feed his family of five when his household ... (Read 92 times)

nautica902

  • Hero Member
  • *****
  • Posts: 591
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.
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 a Subject Expert

yotaSR5

  • Sr. Member
  • ****
  • Posts: 331
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.
Answer Preview
Only 44% of students answer this correctly


nautica902

  • Hero Member
  • *****
  • Posts: 591
Reply #2 on: Jun 29, 2018
Correct answers!


yotaSR5

  • Sr. Member
  • ****
  • Posts: 331
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

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?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Tiger, the largest and heaviest living species of the cat family Tiger, the largest and heaviest living species of the cat family
A 5,000-year-old Egyptian garment A 5,000-year-old Egyptian garment
Inheritance Pattern for the Mutated FOXP2 Gene in the KE Family Inheritance Pattern for the Mutated FOXP2 Gene in the KE Family
Honey should never be given to children younger than one year of age Honey should never be given to children younger than one year of age
A promissory note has a face value of $6000 and it has a date of issue of June 1 this year. The ... A promissory note has a face value of $6000 and it has a date of issue of June 1 this year. The ...
Detection of 3020insC in CARD15 in a family with Crohn’s disease Detection of 3020insC in CARD15 in a family with Crohn’s disease
Video: Cerebral Cortex Animation

For a complete list of videos, visit our video library