Question

microeconomics

When the price of food increases, Jimmy spends more on food than he did before.

It must be true that Jimmy's demand for food.

It is elastic or inelastic??

Please answer in details. Thank you

0 0
Add a comment Improve this question Transcribed image text
Request Professional Answer

Request Answer!

10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
microeconomics
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • All else equal, consumer demand for a good will be more elastic in the short run...

    All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...

  • Which of the following statements is true? If the price of a good is lowered and...

    Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...

  • 1)Explain what it means when demand is inelastic? 2) If demand is elastic, total revenue will...

    1)Explain what it means when demand is inelastic? 2) If demand is elastic, total revenue will increase when the price decreases? True or False? 3) The price elasticity of supply will be a smaller number when it is relatively easy for sellers to increase their supply. ( True or False)? 4) Demand is more elastic when the absolute value of the price elasticity of demand is larger. ( True or False)? 5) If the quantity demanded of one good increases...

  • 1) If a decrease in income leads to an increase in the demand for fast food restaurants, then fast food restaurants is:...

    1) If a decrease in income leads to an increase in the demand for fast food restaurants, then fast food restaurants is: a. an inferior good. b. a neutral good. c. a necessity. d. a normal good. 2) If a good has many close substitutes, then its demand is most likely: a. elastic. b. inelastic c. unit elastic. d. perfectly inelastic. 3) All of the following statements are true EXCEPT (hint: factors of price elasticity) A) the demand for clothing...

  • Question 9 Which of the following statements is true? The demand curve for a necessity is...

    Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...

  • Which of the following statements is true? Group of answer choices b and d. Total revenue...

    Which of the following statements is true? Group of answer choices b and d. Total revenue is maximized when elasticity is one. Goods are said to be price inelastic when the elasticity is greater than two. Demand for milk is more elastic than demand for football tickets. Demand for 5-cent candy is more elastic than demand for sweaters.

  • please answer questions 2, 3,4, 5 demanded by no more/leserseny e the price elasticity of demand...

    please answer questions 2, 3,4, 5 demanded by no more/leserseny e the price elasticity of demand 2. If a firm can sell 3.000 units of product A at SIO per unit and 5.000 at 58, then the price elasticny of demand is (value) and it is (elastic/inelastic): (show your work) The price of product X is reduced from $100 to $90 and, as a result, the quantity demanded increases from 50 1000 units. Therefore, demand for X in this price...

  • If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic....

    If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic. B) unit-elastic. C) unresponsive to price. D) inelastic. When a household spends over 70% of its monthly income on a good, demand will be elastic. unit-elastic. inelastic. elastic, unit-elastic or inelastic depending upon supply.

  • 1. In a very poor village there is only 1 food available: rice. People consume 1500...

    1. In a very poor village there is only 1 food available: rice. People consume 1500 calories of rice even if the price goes up 1 %. Demand for rice is perfectly: a. Inelastic b. Elastic 2. Brand wars are very competitive because brands are close substitutes. As a result, demand for brands in a brand war tend to be very: a. Elastic b. Inelastic 3. There are very few substitutes for vegetables as a whole. As a result, if...

  • 15.Demand tends to be more elastic when A. price is high, and more inelastic when price...

    15.Demand tends to be more elastic when A. price is high, and more inelastic when price is low. B. price is low, and more inelastic when price is high. C. the demand curve is very steep. D. the quantity demanded is larger. 16.If increasing the admission charge for National Parks increases the National Park Service’s total revenue, then the demand for National Park visits is A.inelastic. B.elastic, but not perfectly elastic. C.perfectly elastic. D.a perfectly horizontal line. 20. When consumers’...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT