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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.

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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.

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Thecross-priceelasticityofdemandcantelluswhethergoodsare

A. normal or inferior.
B. elastic or inelastic.
C. luxuries or necessities.
D. complements or substitutes.

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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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Amanufacturerproduces400unitswhenthemarketpriceof$10perunitandproduces600unitswhenthemarketpriceis$12perunit.Usingthemidpointmethod,forthisrangeofprices,thepriceelasticityofsupplyisabout

A. 0.45
B. 2
C. 2.2
D. 220

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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

Thecross-priceelasticityofdemandcantelluswhethergoodsare

Supposethepriceelasticityofsupplyforcandlesis0.3intheshortrunand1.2inthelongrun.Ifanincreaseinthedemandforcandlescausesthepriceofcandlestoincreaseby36%,thenthequantitysuppliedofcandleswillincreasebyabout

Amanufacturerproduces400unitswhenthemarketpriceof$10perunitandproduces600unitswhenthemarketpriceis$12perunit.Usingthemidpointmethod,forthisrangeofprices,thepriceelasticityofsupplyisabout

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.