Homework Answers
1) panel B
option(B)
2) E = [180-120(180+120/2)]/[11-9/(11+9/2)] = [60/150]/[2/10] = 0.4/0.2 = 2
option (B)
3) zero
option(B)
4) Percentage change in wage = [7-6.6/7+6.6/2)] = [0.4/6.8] = 0.05882 = 5.88%
E = 1.36
Percentage change in quantity = 5.88*1.36 = 8%
option(B)
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Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price...
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
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Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Figure 5-1 Panel A Panel B Price Demand Domand Quantity Quantity Panel C Panel D Price Price Demand Dernand Quantity Quantity Refer to Figure 5-1. A perfectly inelastic demand curve is shown in O Panel A. O Panel D. Panel C. Panel B.
Consider the following pairs of items: a. shampoo and conditioner b. iPhones and earbuds c. a laptop computer and a desktop computer d. beef and chicken e. air-travel and weed killer Which of the pairs listed will have a negative cross-price elasti a and b only a, b, and c only cand d only O e only A5 percent increase in income leads to a 5 percent decrease in quantity demanded for a product. This product is a(n) product and...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
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Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
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