Foraparticulargood,a5percentincreaseinpricecausesa15percentdecreaseinquantitydemanded.Whichofthefollowingstatementsismostlikelyapplicabletothisgood?
A. There are many substitutes for this good.
B. The good is a necessity.
C. The market for the good is broadly defined.
D. The relevant time horizon is short.
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Lastyear,Joanbought50poundsofhamburgerwhenherhousehold’sincomewas$40,000.Thisyear,herhouseholdincomewasonly$30,000andJoanbought60poundsofhamburger.Allelseconstant,Joan'sincomeelasticityofdemandforhamburgeris
A. positive, so Joan considers hamburger to be an inferior good.
B. positive, so Joan considers hamburger to be a normal good and a necessity.
C. negative, so Joan considers hamburger to be an inferior good.
D. negative, so Joan considers hamburger to be a normal good but not a necessity.
Lastmonth,sellersofgoodYtookin$100intotalrevenueonsalesof50unitsofgoodY.ThismonthsellersofgoodYraisedtheirpriceandtookin$120intotalrevenueonsalesof40unitsofgoodY.Atthesametime,thepriceofgoodXstayedthesame,butsalesofgoodXincreasedfrom20unitsto40units.WecanconcludethatgoodsXandYare
A. substitutes, and have a cross-price elasticity of 0.60.
B. complements, and have a cross-price elasticity of 0.60.
C. substitutes, and have a cross-price elasticity of 1.67.
D. complements, and have a cross-price elasticity of 1.67.
Akeydeterminantofthepriceelasticityofsupplyisthe
A. time horizon.
B. income of consumers.
C. price elasticity of demand.
D. importance of the good in a consumer’s budget.
Generally,afirmismorewillingandabletoincreasequantitysuppliedinresponsetoapricechangewhen
A. the relevant time period is short rather than long.
B. the relevant time period is long rather than short.
C. supply is inelastic.
D. the firm is experiencing capacity problems.
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