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Author Question: Consider a medical breakthrough that led to the discovery of a simple microchip, which when inserted ... (Read 98 times)

NClaborn

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on: Jun 30, 2018
Consider a medical breakthrough that led to the discovery of a simple microchip, which when inserted inside the human ear could prevent certain chronic diseases. The price elasticity of demand for that microchip would most likely be _____.
 a. highly elastic
  b. highly inelastic
  c. undefined
  d. negative only for high prices
  e. positive only for high prices

Question 2

The slope of a budget line:
 a. is the negative of the price ratio, -PX/PY
  b. depends on income.
 c. depends on preferences.
 d. is positive.


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GCabra

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

b

Answer to Question 2

a


NClaborn

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Reply #2 on: Jun 30, 2018
Correct answers!


GCabra

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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