« previous next »

Author Question: Cross-price elasticity of demand is used to determine whether a. a product is an inferior or normal ... (Read 85 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?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

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

Blood-typing and cross-reactions: The blood type depends on the presence of surface antigens (agglut Blood-typing and cross-reactions: The blood type depends on the presence of surface antigens (agglut
Normal lung and one with emphysema. Normal lung and one with emphysema.
Intradermal drug administration: (a) cross section of skin showing depth of needle insertion Source: Intradermal drug administration: (a) cross section of skin showing depth of needle insertion Source:
IgE bound to a mast cell and cross-linked by antigen-causing mast cell degranulation. IgE bound to a mast cell and cross-linked by antigen-causing mast cell degranulation.
Use the product rule to find derivative Use the product rule to find derivative
(a) Chromosome painting with five different-colored markers in a normal cell. (b) Painting produces (a) Chromosome painting with five different-colored markers in a normal cell. (b) Painting produces
Video: Mutations and translation

For a complete list of videos, visit our video library