Question
In: Economics
In general the greater the number of Substitutes a good has... a. The More Normal the...
In general the greater the number of Substitutes a good has...
a. The More Normal the good is in terms of Income Elasticity of Demand
b. The more negative the Cross Price Elasticity of Demand will be
c. The More Inelastic it is in terms of Price Elasticity of Demand
d. The More Elastic it is in terms of Price Elasticity of Demand
Solutions
Expert Solution
In general the greater the number of Substitutes a good has, d) The more elastic it is in terms of Price Elasticity of Demand.
Explanation: Goods with many alternatives or competitors are elastic because, as the price of the good rises, consumers shift purchases to the substitute items. Thus, if a good has many substitutes, its elasticity will be more in terms of Price Elasticity of Demand.
Rahul Sunny answered 2 years agoRelated Solutions
1)Assume that the data has a normal distribution and the number of observations is greater than...
1)Assume that the data has a normal distribution and the number
of observations is greater than fifty. Find the critical z value
used to test a null hypothesis. Round to two decimal places. α =
0.07; alternate hypothesis H 1 is μ ≠ 3.24 LaTeX: \pm ±
__________
2)Use the given information to find the P-value. The test
statistic in a right-tailed test is z = 0.21. Round to two
decimals.
3)Find the P-value for the indicated hypothesis test. A...
4. In each case, identify the following good(s) as inferior, normal, substitutes, or complements. a. The...
4. In each case, identify the following good(s) as inferior,
normal, substitutes, or complements.
a. The price of good Y decreases and the demand for good Z
increases.
b. The income of buyers increases and the demand for good A
decreases.
c. The demand for good H increases when the price of good J
increases.
d. The price of good X increases and the demand for good B
decreases.
e. The demand for good K decreases following a decrease in...
For any given price, the more elastic is the demand for a good, the greater will...
For any given price, the more elastic is the demand for a good,
the greater will be the consumer surplus.
Select one:
True
False
A free good will be consumed up to the point at which its
marginal utility is positive.
Select one:
True
False
As price falls along the demand curve for pretzels, _____.
Select one:
a.
consumer surplus remains unchanged
b.
consumer surplus decreases
c.
total utility decreases
d.
consumer expenditure changes
e.
marginal utility increases
Arnold is...
Is the happiness of the greater number (as Mill conceives it) a good criterion for judging...
Is the happiness of the greater number (as Mill conceives it) a
good criterion for judging right and wrong actions?
Are the Ireader good substitutes for paper books?
Are the Ireader good substitutes for paper books?
Good 1 and Good 2 are perfect substitutes. Suppose that good 1 is an ordinary good....
Good 1 and Good 2 are perfect substitutes. Suppose that good 1
is an ordinary good.
a. Should both good 1 and good 2 be normal goods?
b. Should good 2 be an ordinary good?
Explain using income effects and/or substitution effects.
Good 1 and Good 2 are perfect substitutes. Suppose that good 1 is an ordinary good....
Good 1 and Good 2 are perfect substitutes. Suppose that good 1
is an ordinary good.
a. Should both good 1 and good 2 be normal goods? Explain.
b. Should good 2 be an ordinary good? Explain.
21.A good has many substitutes. Inputs to production are scarce. Firms' response...
21.A good has many substitutes.
Inputs to production are scarce.
Firms' response to a price change is limited by the limited
capacity of their production facilities.
A good has many substitutes.
The firm is experiencing diminishing returns to a variable
input.
24. Suppose that the elasticity of demand for burgers is 2.5 and
price decreases by 14%. By what percentage will quantity demanded
for burgers increase?
2.5%
5.6%
...
1. Suppose that good X and good Y are substitutes: 1.1) What will happen to the...
1. Suppose that good X and good Y are substitutes:
1.1) What will happen to the equilibrium prices and quantities
for good X and good Y if input prices for good X increase? Explain
by drawing demand and supply curves.
1.2) What will happen to the equilibrium prices and quantities
for good X and good Y if there is improvement in production
technology for good Y? Explain by drawing demand and supply
curves.
A prime number (or prime) is a natural number greater than 1 that has no posítive...
A prime number (or prime) is a natural number greater than 1
that has no posítive divisors other than 1 and itself. Write a
Python program which takes a set of positive numbers from the input
and returns the sum of the prime numbers in the given set. The
sequence will be ended with a negative number.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Samsung Industry that requires you to act as a change agent to form an organizational change...
- Use fork() Create a program that reads characters from an input file. Use fork to create...
- A pension fund manager is considering three mutual funds. The first is a stock fund, the...
- Compute the cost of not taking the following cash discounts. (Use a 360-day year. Do not...
- During his project presentation, Bob falls sick and performs poorly. However, his colleague, Dan, concludes that...
- A sample human input file that contains test values that a human would enter on the...
- A solution is prepared by dissolving 15 ml of methanol in 150.0 ml water at 25...
ADVERTISEMENT