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Author Question: The less responsive consumers are to a change in the price of a product, _____. a. the more ... (Read 65 times)

kodithompson

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on: Jun 30, 2018
The less responsive consumers are to a change in the price of a product, _____.
 a. the more price-elastic is the supply curve
  b. the more income-inelastic is the demand curve
  c. the more price-inelastic is the demand curve
  d. the more income-elastic is the supply curve
  e. the more price-elastic is the demand curve

Question 2

Betty spends all her income on wine and brie. Currently she gets 30 utils from the last bottle of wine and 15 utils from the last package of brie. The price of wine is 6 per bottle and the price of brie is 4 per package.
 a. Betty cannot increase her total utility by changing the combination of wine and brie she consumes.
  b. Betty can increase her total utility by buying more wine and less brie.
 c. Betty can increase her total utility by buying more brie and less wine.
 d. Betty could increase her total utility by buying less of both brie and wine.


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mjbamaung

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

c

Answer to Question 2

b


kodithompson

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

xiazhe

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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