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Author Question: Peanut butter and jelly are: a. substitutes and have a positive cross-price elasticity of demand. ... (Read 146 times)

futuristic

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on: Jun 30, 2018
Peanut butter and jelly are:
 a. substitutes and have a positive cross-price elasticity of demand.
  b. complements and have a positive cross-price elasticity of demand.
  c. substitutes and have a positive cross-price elasticity of demand.
  d. complements and have a negative cross-price elasticity of demand.
  e. inferior goods when the income elasticity of demand is positive.

Question 2

Explain the concept of utility.


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Bsand8

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

Utility is a measure of the relative levels of satisfaction that consumers get from the consumption of goods and services. The concept is used to more clearly define the relationship between consumer choice and resource allocation.


futuristic

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

sultansheikh

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Reply 3 on: Yesterday
Gracias!

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