This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: For which of the following would the income effect of a price change be greatest? a. ballpoint pens ... (Read 95 times)

strangeaffliction

  • Hero Member
  • *****
  • Posts: 660
on: Jul 1, 2018
For which of the following would the income effect of a price change be greatest?
 a. ballpoint pens
  b. air travel to Australia
  c. chewing gum
  d. haircuts
  e. college textbooks

Question 2

Suppose there are only two goods, apples and oranges. What happens if the price of each good increases by 15 percent?
 a. The consumer will substitute apples for oranges.
  b. The consumer will substitute oranges for apples.
  c. There is no substitution effect because relative prices have remained constant.
  d. Demand for both goods increases.
  e. Demand for both goods decreases.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

potomatos

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

C


strangeaffliction

  • Member
  • Posts: 660
Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

pratush dev

  • Member
  • Posts: 321
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Effect of stimulus strength on size of graded potential. Effect of stimulus strength on size of graded potential.
Religion can promote social change, as was evident in the U.S. civil rights movement. Dr. Martin ... Religion can promote social change, as was evident in the U.S. civil rights movement. Dr. Martin ...
The effect of thermal expansion The effect of thermal expansion
Change is hard at first messy in the middle and gorgeous at the end Change is hard at first messy in the middle and gorgeous at the end
Consistency and Change in Personality Over the Lifespan Consistency and Change in Personality Over the Lifespan
The effect of selection on allele frequency The effect of selection on allele frequency
Video: Structure of a Ribosome

For a complete list of videos, visit our video library