Necessitiessuchasfoodandclothingtendtohave
A. high price elasticities of demand and high income elasticities of demand.
B. high price elasticities of demand and low income elasticities of demand.
C. low price elasticities of demand and high income elasticities of demand.
D. low price elasticities of demand and low income elasticities of demand.
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Todeterminewhetheragoodisconsiderednormalorinferior,onecouldexaminethevalueofthe
A. income elasticity of demand for that good.
B. price elasticity of demand for that good.
C. price elasticity of supply for that good.
D. cross-price elasticity of demand for that good.
Charlespurchases20basketballticketsperyearwhenhisannualincomeis$50,000and25basketballticketswhenhisannualincomeis$60,000.Charles’sincomeelasticityofdemandforbasketballticketis
A. 0.82, and basketball tickets are a normal good.
B. 0.82, and basketball tickets are an inferior good.
C. 1.22, and basketball tickets are a normal good.
D. 1.22, and basketball tickets are an inferior good.
Thecross-priceelasticityofdemandcantelluswhethergoodsare
A. normal or inferior.
B. elastic or inelastic.
C. luxuries or necessities.
D. complements or substitutes.
Supposethepriceelasticityofsupplyforcandlesis0.3intheshortrunand1.2inthelongrun.Ifanincreaseinthedemandforcandlescausesthepriceofcandlestoincreaseby36%,thenthequantitysuppliedofcandleswillincreasebyabout
A. 0.8% in the short run and 3.3% in the long run.
B. 1.2% in the short run and 0.3% in the long run.
C. 10.8% in the short run and 43.2% in the long run.
D. 120% in the short run and 30% in the long run.
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