Author Question: The demand for the product of a competitive price-taker firm is: a. perfectly inelastic. b. ... (Read 72 times)

imanialler

  • Hero Member
  • *****
  • Posts: 539
The demand for the product of a competitive price-taker firm is:
 a. perfectly inelastic.
  b. perfectly elastic.
  c. greater than zero but less than one.
  d. dependent on the availability of substitutes for the firm's product.

Question 2

Sally recently got a 15 percent raise. She now purchases 7.5 percent more steak dinners. Sally's income elasticity for steak dinners is:
 a. 0.5.
  b. 0.75.
  c. 1.5.
  d. 2.0.



xiaomengxian

  • Sr. Member
  • ****
  • Posts: 311
Answer to Question 1

b

Answer to Question 2

a



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

For a complete list of videos, visit our video library