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Author Question: The income elasticity of demand for housing property is exactly 1.40 . Due to a recession, you ... (Read 54 times)

anshika

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on: Jul 1, 2018
The income elasticity of demand for housing property is exactly 1.40 . Due to a recession, you expect incomes to drop by 5 next year. How will consumers adjust their purchase for housing property?
 a. Buy 5 more houses
  b. Buy 5 fewer houses
  c. Buy 7 more houses
  d. Buy 7 fewer houses

Question 2

Suppose this customer is known to throw a fit and scare away other customers if charged high prices. If the shopkeeper moves first, he would ask for
 a. A high price
 b. A low price
 c. A pony
 d. All of the above


TDubDCFL

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Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

b


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