« previous next »

Author Question: The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the ... (Read 116 times)

folubunmi

  • Hero Member
  • *****
  • Posts: 524
on: Jun 29, 2018
The income elasticity of demand for vacations is 5. If incomes increase by 3 percent next year, the quantity of vacations demanded at today's price will increase by ________ percent.
 
  A) 3
  B) 5/3
  C) 15
  D) 5

Question 2

Which of the following pairs of market types are both characterized by having a large number of firms?
 
  A) monopoly and oligopoly
  B) monopoly and monopolistic competition
  C) perfect competition and oligopoly
  D) perfect competition and monopolistic competition


swimkari

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

The Black Death spread over much of Europe in a three-year period in the middle of the fourteenth ce The Black Death spread over much of Europe in a three-year period in the middle of the fourteenth ce
On March 25, 1911, as scores of young factory girls leaped to their deaths from the eighth, ninth, a On March 25, 1911, as scores of young factory girls leaped to their deaths from the eighth, ninth, a
Does Intelligence Increase with Brain Size? Does Intelligence Increase with Brain Size?
During my research in India, I interviewed this 8-year-old girl. Mahashury is a bonded laborer who ... During my research in India, I interviewed this 8-year-old girl. Mahashury is a bonded laborer who ...
Enterohepatic recirculation of a drug can increase its half-life in the body and prolong its ... Enterohepatic recirculation of a drug can increase its half-life in the body and prolong its ...
Relationship Between Income per Capita and Population Growth Relationship Between Income per Capita and Population Growth
Video: Otitis Media

For a complete list of videos, visit our video library