« previous next »

Author Question: Cross-price elasticity of demand is used to determine whether a. a product is an inferior or normal ... (Read 83 times)

kellyjaisingh

  • Hero Member
  • *****
  • Posts: 540
on: Jul 1, 2018
Cross-price elasticity of demand is used to determine whether
 a. a product is an inferior or normal good
  b. a product is a necessity or a luxury
  c. two products are substitutes or complements
  d. price and total revenue are directly or inversely related
  e. the product's demand curve is linear

Question 2

If the cross-price elasticity of demand is -3, then the goods are __________ and the consumers' responsiveness would be characterized as __________.
 a. substitutes; inelastic
  b. substitutes; elastic
  c. substitutes; unit elastic
  d. complements; inelastic
  e. complements; elastic
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


k2629

  • Sr. Member
  • ****
  • Posts: 357
Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

E


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Role of calcium, tropomyosin, and troponin in cross-bridge cycling. Role of calcium, tropomyosin, and troponin in cross-bridge cycling.
Salt marsh channels shown in cross section. Salt marsh channels shown in cross section.
How to determine the interquartile range How to determine the interquartile range
Use the product rule to find derivative Use the product rule to find derivative
Find the equation of the normal line to f(x)=sinx+cosx at x = π. Find the equation of the normal line to f(x)=sinx+cosx at x = π.
The functional role of pRB. The pRB protein product of RB1 The functional role of pRB. The pRB protein product of RB1
Video: DNA Replication

For a complete list of videos, visit our video library