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Author Question: To say that turnips are inferior goods means that the income elasticity A) is definitely greater ... (Read 72 times)

amal

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on: Jun 29, 2018
To say that turnips are inferior goods means that the income elasticity
 
  A) is definitely greater than 1.
  B) is definitely between 0 and 1.
  C) is positive but could be greater than or less than (or equal to) 1.
  D) is negative.

Question 2

Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for 3. What is the value of marginal product from hiring the fourth worker?
 
  A) 2,400
  B) 840
  C) 120
  D) 60


Danny Ewald

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

D

Answer to Question 2

C


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