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

Author Question: Demand is income elastic if A) a large percentage increase in income results in a small ... (Read 125 times)

lindiwe

  • Hero Member
  • *****
  • Posts: 577
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

raenoj

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


lindiwe

  • Member
  • Posts: 577
Reply 2 on: Jun 29, 2018
:D TYSM

jackie

  • Member
  • Posts: 324
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Edward Bellamy, author of the utopian novel Looking Backward (1888) Bellamy’s socialism worried many Edward Bellamy, author of the utopian novel Looking Backward (1888) Bellamy’s socialism worried many
Franz Marc, Die grossen blauen Pferde (The Large Blue Horses). Franz Marc, Die grossen blauen Pferde (The Large Blue Horses).
Reduced mobility in late adulthood often results in more limited activities and smaller social ... Reduced mobility in late adulthood often results in more limited activities and smaller social ...
Global Stratification: Income of the World's Nations Global Stratification: Income of the World's Nations
Effect of an Increase in R&D in the Follower Country on the Steady State Effect of an Increase in R&D in the Follower Country on the Steady State
An 8th grade class develops a linear model that predicts the number of cheerios (a small round ... An 8th grade class develops a linear model that predicts the number of cheerios (a small round ...
Video: DNA close up Animation

For a complete list of videos, visit our video library