« previous next »

Author Question: Cross-price elasticity of demand is used to determine whether a. a product is an inferior or normal ... (Read 53 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?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Electrocardiography. (a) Electrodes are placed on the patient’s chest to record the electrical event Electrocardiography. (a) Electrodes are placed on the patient’s chest to record the electrical event
PET scan of a normal brain. PET scan of a normal brain.
Using Parallax to Determine Distance Using Parallax to Determine Distance
Normal and enlarged tonsils. Normal and enlarged tonsils.
Find derivative using product rule Find derivative using product rule
The time at which the mailman delivers the mail to Ace Bike Shop follows a normal distribution ... The time at which the mailman delivers the mail to Ace Bike Shop follows a normal distribution ...
Video: Virtual Enzyme Kinetics & Lineweaver Burk Plot

For a complete list of videos, visit our video library