Question

MC Qu. 70 A good like water has few... A good like water has few substitutes and takes up little of our income to purchase. As a result, its demand is likely to be Multiple Choice Ο elastic. Ο inelastic, Ο unit elastic. Ο perfectly elastic.

Answer 1

solution to A good like water has few substitutes 4 takes up little of our income to purchase. As - as a result, its demand is likely to be o Inelastic Reason: It will be less responsive to change in Price. ------ -- - Sulution 125 the amount of money consumers play producers is o The price times the quantity or the rectangle whose height is the price 4 base is the quantity purchasedo

- Reason i Pricena Demand PEo Q = Money consumer Quantity solution 32 First country : 1L = 1c or 16 = 1TV ALISHERS Sewond wountry : 32= 1c or 4L = I TV For 1st country - for and country So, - Ca TV L Cs TV < TV the first country has absoluette Advantage in both goods & but comparative Advantage in To only solution 30i - united states : 4 Luniber 6 Cars - u Lumber a 6 carn -- [i Lumber 24, z 1.5 Caraf Brazil 3 Lumber 2 Cars 3 Lumber = 2 Cars I Lumber = 2 = 8ebb cars o In Comportive Aduontage but not Absolute advontage in Lumber