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Author Question: After long hair for men became popular, barbers found that their incomes fell. In an attempt to ... (Read 39 times)

Chelseaamend

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on: May 24, 2019
After long hair for men became popular, barbers found that their incomes fell. In an attempt to boost their incomes, many barbers raised the price of a haircut and yet their total revenue fell even more. What can explain this result?
◦ The demand for haircuts by barbers is elastic because of many substitutes.
◦ The demand for haircuts by barbers became inelastic after the increase in price.
◦ Haircuts are inferior products.
◦ The demand for haircuts by barbers is inelastic because most people need haircuts.
◦ None of these can explain the phenomenon.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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Marked as best answer by Chelseaamend on May 24, 2019

Laurenleakan

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Reply #1 on: May 24, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Chelseaamend

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Reply 2 on: May 24, 2019
Great answer, keep it coming :)

Joy Chen

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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