Differences in income are most directly related

Assignment Help Business Economics

Reference no: EM131244565

Differences in income are most directly related to which of the following economic? questions?

A. What goods and services are? produced?

B. Who consumes the goods and services that are? produced?

C. In what quantities are various goods and services? produced?

D. How are goods and services? produced?

When? consumers' incomes increased 6? percent, the quantity of wine bought increased 12 percent. This result means

A. the income elasticity of wine is 0.5 and wine is a necessity.

B. the price elasticity of wine is 2 and wine is an elastic good.

C. the income elasticity of wine is 2 and wine is a luxury.

D. the demand for wine is income inelastic.

Reference no: EM131244565

Questions Cloud

When the percentage change in the quantity demanded : When the percentage change in the quantity demanded is less than the percentage change in? price, then demand is. Assume the cost of certain inputs used to produce artificial Christmas trees increases? and, at the same? time, the economy moves into a..

What is the market quantity demanded : ASU Ticket Pricing You have been put in charge of ASU Gammage Auditorium. The market for ticket sales is made up of both students and nonstudents. At a price of $11, what is the market quantity demanded?

What is your opportunity cost of attending college : If your tuition is? $20,000 this? semester, your books cost? $1,000, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make? $10 per? hour, and your room and board is? $5,000 this? semester, what is..

Time commuting in exchange for lower monthly rent refers : Spending more time commuting in exchange for a lower monthly rent refers to? a(n): The opportunity cost of going to college for a student receiving a scholarship. Suppose biochemists discover an enzyme that can double the amount of ethanol that may b..

Differences in income are most directly related : Differences in income are most directly related to which of the following economic? questions? When? consumers' incomes increased 6? percent, the quantity of wine bought increased 12 percent. This result means

Suppose the equilibrium price of gallon of milk : Suppose the equilibrium price of a gallon of milk is? $4. If the government imposes a price floor of? $5 per gallon of? milk, the. A price floor is

Which statement best describes the? law of? demand : The problem of scarcity. Which statement best describes the? "law of? demand"? Other things being? equal, the quantity of tennis rackets demanded will be greater if the.

Describes the concept of consumer? surplus : Which of the following is NOT a factor of? production? Which of the following statements best describes the concept of consumer? surplus?

Deadweight loss-the supply of lettuce in the short run : The supply of lettuce in the short run will be? ________ than the supply in the long run and? ________ than the supply today. Deadweight loss is

User Account

All Pages