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

Author Question: Studies show that the income elasticity of demand for wine is approximately five. What does this mean? (Read 113 times)

TFauchery

  • Hero Member
  • *****
  • Posts: 500
on: Oct 5, 2019

Studies show that the income elasticity of demand for wine is approximately five. What does this mean?


◦

A 1 percent increase in income leads to a 5 percent increase in wine consumption.


◦

Wine is a relatively elastic good.


◦

A 5 percent increase in income leads to a 1 percent increase in wine consumption.


◦

A 1 percent decrease in the price of wine leads to a 5 percent increase in wine consumption.

InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by TFauchery on Oct 5, 2019

ApricotDream

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Oct 5, 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.
Answer Preview
Only 50% of students answer this correctly


TFauchery

  • Hero Member
  • *****
  • Posts: 500
Reply #2 on: Oct 5, 2019
TY


ApricotDream

  • Sr. Member
  • ****
  • Posts: 336
Reply #3 on: Oct 5, 2019
You're welcome


« previous next »
 

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

Studies in landscape ecology indicate that interactions between biotic and abiotic processes are dep Studies in landscape ecology indicate that interactions between biotic and abiotic processes are dep
Classic Supply - Demand Curve Classic Supply - Demand Curve
The population of Asia increases rapidly, the demand for food and water is also growing The population of Asia increases rapidly, the demand for food and water is also growing
Solow Model with Saving Dependent on Income Level Solow Model with Saving Dependent on Income Level
Longitudinal Studies Longitudinal Studies
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Video: Glucose anabolism reactions: Glycogenolysis and Gluconeogenesis

For a complete list of videos, visit our video library