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

Author Question: If a product's income elasticity of demand is -1.7, then we can conclude that (Read 29 times)

mustachegiraffe

  • Full Member
  • ***
  • Posts: 179
on: Oct 12, 2022

Question 1

When calculating the price elasticity of demand for some product, we ignore the ________ of the change, and focus only on the ________ of the measure.
◦ direction; absolute value
◦ direction; percentage change
◦ source; absolute value
◦ source: percentage change
◦ absolute value; percentage change

Question 2

If a product's income elasticity of demand is -1.7, then we can conclude that
◦ the product is a normal good.
◦ an increase in income will lead to an increase in demand for the product.
◦ the product is certainly a necessity.
◦ the product is a luxury good.
◦ a decrease in income will lead to an increase in demand for the product.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by mustachegiraffe on Oct 12, 2022

ladan86

  • Full Member
  • ***
  • Posts: 150
Reply #1 on: Oct 12, 2022
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 56% of students answer this correctly


mustachegiraffe

  • Member
  • Posts: 179
Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

kjohnson

  • Member
  • Posts: 330
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Mark Twain supplemented his income as a writer by giving humorous lectures. Mark Twain supplemented his income as a writer by giving humorous lectures.
Income of Adult Children Compared With That of Their Parents Income of Adult Children Compared With That of Their Parents
Ten Leading Causes of Death in High-Income Countries, 2008 Ten Leading Causes of Death in High-Income Countries, 2008
Economic recession in 2008 saw a small decrease in demand Economic recession in 2008 saw a small decrease in demand
Relationship Between Income per Capita and Population Growth Relationship Between Income per Capita and Population Growth
A Production Function with Diminishing Marginal Product of Capital A Production Function with Diminishing Marginal Product of Capital
Video: Inflammatory response Animation

For a complete list of videos, visit our video library