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

Author Question: Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is ... (Read 145 times)

evelyn o bentley

  • Hero Member
  • *****
  • Posts: 564
on: Oct 5, 2019

Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is 0.09. This means that


◦

an increase in the price of beer will lead to an increase in revenue for beer sellers and beer is a normal good.


◦

a decrease in the price of beer will lead to an increase in revenue for beer sellers and beer is an inferior good.


◦

an increase in the price of beer will lead to a decrease in the quantity demanded of beer and beer is a luxury.


◦

an increase in the price of beer will increase the quantity demanded of beer and beer is a normal good.

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 evelyn o bentley on Oct 5, 2019

nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
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 42% of students answer this correctly


evelyn o bentley

  • Hero Member
  • *****
  • Posts: 564
Reply #2 on: Oct 5, 2019
Thanks


nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
Reply #3 on: Oct 5, 2019
Welcome :)


« previous next »
 

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

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?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

The More Things Change, The More They Say the Same: Dividing the Nation's Income The More Things Change, The More They Say the Same: Dividing the Nation's Income
Race-Ethnicity and Income Extremes Race-Ethnicity and Income Extremes
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
Relationship between Latitude and Income per Capita Relationship between Latitude and Income per Capita
Simultaneous Determination of Income and Modernization Simultaneous Determination of Income and Modernization
Construct a Lorenz curve that shows income distribution in this society. Construct a Lorenz curve that shows income distribution in this society.
Video: Arthritis

For a complete list of videos, visit our video library