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Author Question: Because Product X has a very small, positive income elasticity of demand, it is likely that product ... (Read 45 times)

tuffie

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on: Jun 29, 2018
Because Product X has a very small, positive income elasticity of demand, it is likely that product X is a
 
  A) luxury.
  B) necessity.
  C) product with many good substitutes.
  D) product with many good complements.

Question 2

The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. How much producer surplus is lost?
 
  A) 10,000
  B) 20,000
  C) 25,000
  D) 40,000


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janeli1

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

B

Answer to Question 2

C


tuffie

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Reply 2 on: Jun 29, 2018
Excellent

chereeb

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

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