Less meat and less potatoes

Assignment Help Business Economics
Reference no: EM131076533

Esen consumes only two goods, meat and potatoes. When the price of meat rises, he buys less meat and less potatoes. Based on this information, we can say that

a. meat is necessarily a normal good.

b. meat is necessarily an inferior good.

c. potatoes are necessarily a normal good.

d. potatoes are necessarily an inferior good.

e. None of the above.

Reference no: EM131076533

Questions Cloud

What order will an inorder traversal visit the nodes of tree : In what order will an inorder traversal visit the nodes of this tree? Indicate this order by listing the labels of the nodes in the order that they are visited.
What is the probability that the patient checks : Question: A low number of checks (
Consider policy based on taxes : Assume that you have an economy that is in the early months of a recession. Unemployment is 7.2% and rising. Inflation is at 1.2% and relatively stable at the level. Consider a policy based on Taxes. Develop a policy that will help get the economy ou..
Salary before completing the calculations : Problem 1 - The employees have indicated that 95% of employees in one of the departments are receiving higher salaries than any other department because their supervisor parties with them each weekend. Some employees only have an hourly rate whi..
Less meat and less potatoes : Esen consumes only two goods, meat and potatoes. When the price of meat rises, he buys less meat and less potatoes. Based on this information, we can say that
Use either capital-intensive or labor-intensive technology : Custom Made Clothing, a small clothing manufacturer, can use either a capital-intensive or labor-intensive technology to produce a product. If the price of capital increases and the price of labor remains constant, this firm most likely would...
What is probability that firm will make at least one hire : A marketing firm is considering making up to three new hires. Given its specific needs, the management feels that there is a 60% chance of hiring at least two candidates. There is only a 5% chance that it will not make any hires and a 10% chance that..
P-value for the appropriate hypothesis test : The sample mean is 50 and the sample standard deviation is 12. Test the null hypothesis that the population mean is equal to 42 versus the two-sided alternative. Find the p-value for the appropriate hypothesis test.
Specify the method is leaf : If is Leaf were not a method of a class of binary trees, would a client of the class be able to implement is Leaf ? Explain.

Reviews

Write a Review

Business Economics Questions & Answers

  Explain to the general manager of your team

The player averages 5 rebounds and 20 points per game. Explain to the general manager of your team whether or not to sign the player.

  Q1 why i having a nominal anchor important for you to

q1. why i having a nominal anchor important for you to achieve inflation targets ? what is the drawback of using a

  11 question related to corporate strategy i am looking for

i am looking for the modeli answers of the following attached 11 questions the questions are related to poter five

  What equivalent annual interest rate is second contractor

A nominal rate of 14% should be used as the MARR. What equivalent annual interest rate is the second contractor offering? Which contractor’s offer would you accept? Repeat the analysis with the NPV technique.

  Which of following is unique to capitalist ideology

Have no effect on equilibrium price and quantity. Reduce quantity demanded, but not shift demand curve. Which of following is unique to capitalist ideology.

  Respond with active policy response to stabilize inflation

The economy is hit with a positive SRAS shock and you, in your role as a central banker, respond with an active policy response to stabilize inflation. (a) Draw an AS/AD diagram illustrating the changes in output and inflation. (b) Describe briefly h..

  What is the optimal number of people should recruit to help

what is the optimal number of people she should recruit to help

  Issue of the ability of markets to function

When we look at the issue of the ability of markets to function (hopefully well) what are some of the issues that factor into the fluctuation of markets, both on a domestic and global level? How does this affect us on a daily basis?

  Blight destroys a significant portion of the corn crop

Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop. Using a supply and demand diagram, show wh..

  Calculate EUAB and EUAC

A business called TopClass, Inc. has the following Costs and Benefits: Initial Cost: $70,000, Annual Costs: $7,500, Salvage Value: $10,000, and Benefits: $25,000 for years 1 and 2, $35,000 for years 3 and 4, $25,000 for years 5 and 6. The MARR is 10%..

  Analyze gross domestic product

Analyze Gross Domestic Product (analysis of the selected economy's GDP composition and growth over time, as well as an investigation of the basis for income generation and any and all constraints to growth) , The monetary system ( including its devel..

  Illustrate entry barriers exist in the fast food industry

Illustrate the entry barriers exist in the fast food industry. Compute the labor participation rate: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd