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Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If all else is held constant, we would expect that if baseballs are a(n) curve will shift to the, causing the equilibrium price and quantity to ___good, then the demand inferior, left; fall inferior; right; fall O normal; left: fall O normal; left; rise O normal; right; rise Question 38 0.4 pts If the cross-price elasticity of demand is -5, Good A and Good B are O inferior goods. substitutes. O complements. O luxury goods. normal goods.

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Answer #1

36. Ans: Cross-price elasticity of demand

Explanation:

CPED shows the ratio of change in quantity demanded of one good to the change in price of another good.

37. Ans: normal ; left ; fall

Explanation:

If the baseball is a normal good, a decrease in income leads to a leftward shift in demand curve for baseball. So, the new equilibrium price will fall.

38. Ans: complements

Explanation:

The cross-price elasticity of demand for complements is negative and for substitutes is positive.

39. Ans: He doesn’t have enough time for additional work because he needs to spend time with his family and there are only so many hours in the day.

40. Ans: more price elastic

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