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Author Question: If the demand for a product is said to be relatively inelastic, the absolute value of the elasticity ... (Read 60 times)

segrsyd

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on: Jul 1, 2018
If the demand for a product is said to be relatively inelastic, the absolute value of the elasticity coefficient will be
 
  A) less than one.
  B) greater than one.
  C) equal to one.
  D) zero.

Question 2

Suppose Lisa spends all of her money on books and bagels, and a bagel is an inferior good for her. When the price of coffee increases, the
 
  A) consumption of coffee will fall.
  B) consumption of coffee will rise.
  C) consumption of coffee will not change.
  D) Not enough information.


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mfedorka

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

A

Answer to Question 2

B


segrsyd

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  • Posts: 530
Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

tkempin

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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