Question

In: Economics

The actress Betty White will probably die soon. What effect does this have on the market...

  1. The actress Betty White will probably die soon. What effect does this have on the market for Betty White memorabilia today?

(A) Supply increases.

(B) Supply decreases.

(C) Demand increases.

(D) Demand decreases.

Which of the following is the best example of inductive thinking?

(A) A mathematical proof of the Pythagorean Theorem.

(B) "All dogs are mammals. Tony is a dog. Therefore, Tony is a mammal."

(C) I hate Mondays.

(D) I asked around, and Brock University is where all the beauties are.

59. Consider the following argument:

Big Chungus is a fat rabbit. All fat rabbits can fly and shoot laser beams

from their eyes. Therefore, Big Chungus can fly. How would you categorize this argument?

(A) It is logically valid and logically sound.

(B) It is neither logically valid nor logically sound.

(C) It is logically sound but not logically valid.

(D) It is logically valid but not logically sound.

A perfectly elastic demand curve has a price elasticity of demand of:

(A) ∞

(B) 1

(C) 0

(D) 101.345

Solutions

Expert Solution

Q1) the answer is (a) supply increases. The firms producing Betty White memorabilia realize that the demand for it will increase when the actress actually dies in the near future. As such they might not be able to produce all of the demand at once and will start building the stook from today.

All other options are incorrect as demand is not affected today and supply does not decrease.

Q2) The answer is (D) I asked around, and Brock University is where all the beauties are.

inductive reasoning involves making a generalization from a particular case or a small sample of observations. This si exactly what happens when you ask around and generalize that Brock University is where all the beauties are.

All other options are incorrect as they either involve deductive reasoning or no reasoning (c)

Q4) The perfectly elastic demand curve has an elasticity of (a) infinity

It is because a small change in price can cause an infinite change in quantity demanded

All other options are incorrect as they do not represent perfect elasticity of demand.

Rahul Sunny answered 7 months ago
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