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Author Question: Demand is income elastic if A) a large percentage increase in income results in a small ... (Read 123 times)

lindiwe

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on: Jun 29, 2018
Demand is income elastic if
 
  A) a large percentage increase in income results in a small percentage increase in quantity demanded.
  B) a small percentage increase in income results in a large percentage increase in quantity demanded.
  C) an increase in income does not affect the quantity demanded.
  D) the good in question has close substitutes.

Question 2

A firm's total cost (TC) equals the sum of its fixed cost plus its
 
  A) marginal cost.
  B) variable cost.
  C) variable cost plus its marginal cost.
  D) sunk cost plus its variable cost plus its marginal cost.


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raenoj

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

B

Answer to Question 2

B


lindiwe

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

mjenn52

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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