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

Author Question: When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns ... (Read 89 times)

laurencescou

  • Hero Member
  • *****
  • Posts: 593
on: Jun 30, 2018
When the price of hot dogs at the supermarket increases, the quantity demanded of hot dog buns declines. This situation describes:
 a. the income elasticity of demand for hot dogs.
  b. the income elasticity of demand for hot dog buns.
  c. the price elasticity of supply for hot dogs.
  d. the negative cross-price elasticity of demand for hot dogs and hot dog buns.
  e. the positive cross-price elasticity of supply for hot dogs and hot dog buns.

Question 2

How does the law of demand reflect the law of diminishing marginal utility?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

emilymalinowski12

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

The law of demand states that when the price of a good is reduced, the quantity of that good demanded will increase. At lower prices, consumers will buy more because they are getting relatively more satisfaction for each dollar spent on a good.


laurencescou

  • Member
  • Posts: 593
Reply 2 on: Jun 30, 2018
Excellent

vickybb89

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Essential fatty acids have been shown to be effective against ulcers, asthma, dental cavities, and skin disorders such as acne.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Running time on 100-meter sprint for men and women master athletes increases with age. Source: Korho Running time on 100-meter sprint for men and women master athletes increases with age. Source: Korho
Alan Price - Poor People Alan Price - Poor People
The mortality rate in the United States increases with age and is lower for women than men at every ... The mortality rate in the United States increases with age and is lower for women than men at every ...
Spirituality increases with age, but there are different patterns for the two genders. Both genders ... Spirituality increases with age, but there are different patterns for the two genders. Both genders ...
The number of phenotypic classes in the F2 generation increases as the number of genes controlling t The number of phenotypic classes in the F2 generation increases as the number of genes controlling t
Opener Alignment comparing DNA sequence for the leptin gene from dogs (top) and humans (bottom) Opener Alignment comparing DNA sequence for the leptin gene from dogs (top) and humans (bottom)
Video: Hormones and the menstrual cycle Animation

For a complete list of videos, visit our video library