Homework Answers
Answer: Option c. We spend a tiny fraction of our monthly budget on salt.
Explanation: Demand is said to be inelastic if changes in prices of a commodity leads to a smaller percentage change in the demand for it. The main characteristics of an inelastic demand are: (a) no close substitutes for the product, (b) we spend only a small percentage of income on consumption of the good, (c)The good is considered to be a necessary good. In our case salt is a necessary good and we spend only a small portion of our income on the consumption of salt.
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O All of the choices are correct Question 9 1 pts The price elasticity of salt...
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Please help with these questions: Question 1 0.2 pts When the price of scooters drops by...
Please help with these questions:
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Question 1 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean? If the price of grapefruit juice rises by $1.6 more cartons of orange juice will be purchased. A1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption A6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption The demand for orange...
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Please help with these questions
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Question 1 0.2 pts When the price of scooters drops by 5 percent, the quantity demanded changes by 20 percent. We know that the price elasticity of demand for scooters is O inelastic. O perfectly inelastic. O perfectly elastic. unitary elastic. O elastic. Question 2 0.2 pts Nicolette raised her quantity demanded of hockey pucks from 100 to 150 when the price fell from $5 to $3 per puck. Using the midpoint method, her price...
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve is unitary elastic O perfectly elastic O elastic O perfectly inelastic 1 pts Question 7 If a 3 percent reduction in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand over this range of the demand curve is unitary elastic
Question 7 1 pts The price elasticity of demand measures how sensitive the: O price is to a change in quantity demanded. O quantity demanded is to a change in price. O demand is to a change in the number of suppliers. O price is to a change in the quantity supplied.
Question 5 1 pts The difference between slope and elasticity is that none of the above; there is no difference between slope and elasticity. slope is a ratio of two changes, and elasticity is a ratio of two percentage changes. slope measures changes in quantity demanded more accurately than elasticity. Oslope is a ratio of two percentage changes, and elasticity is a ratio of two changes. Question 6 1 pts If a good is a necessity, demand for the good...
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Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
Please help with these questions
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