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Acitywantstoraiserevenuestobuildanewmunicipalswimmingpoolnextyear.Themayorsuggeststhatthecityraisethepriceofadmissiontothecurrentmunicipalpoolsthisyeartoraiserevenues.Thecitymanagersuggeststhatthecitylowerthepriceofadmissiontoraiserevenues.Whoiscorrect?

A. the mayor
B. the city manager
C. The answer depends on the price elasticity of demand.
D. The answer depends on the costs of construction of the new municipal swimming pool.

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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.

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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.

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Akeydeterminantofthepriceelasticityofsupplyisthe

A. time horizon.
B. income of consumers.
C. price elasticity of demand.
D. importance of the good in a consumer’s budget.

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Acitywantstoraiserevenuestobuildanewmunicipalswimmingpoolnextyear.Themayorsuggeststhatthecityraisethepriceofadmissiontothecurrentmunicipalpoolsthisyeartoraiserevenues.Thecitymanagersuggeststhatthecitylowerthepriceofadmissiontoraiserevenues.Whoiscorrect?

A. the mayor ​ B. the city manager ​ C. The answer depends on the price elasticity of demand. ​ D. The answer depends on the costs of construction of the new municipal swimming pool.

Foraparticulargood,a5percentincreaseinpricecausesa15percentdecreaseinquantitydemanded.Whichofthefollowingstatementsismostlikelyapplicabletothisgood?

Lastyear,Joanbought50poundsofhamburgerwhenherhousehold’sincomewas$40,000.Thisyear,herhouseholdincomewasonly$30,000andJoanbought60poundsofhamburger.Allelseconstant,Joan'sincomeelasticityofdemandforhamburgeris

Lastmonth,sellersofgoodYtookin$100intotalrevenueonsalesof50unitsofgoodY.ThismonthsellersofgoodYraisedtheirpriceandtookin$120intotalrevenueonsalesof40unitsofgoodY.Atthesametime,thepriceofgoodXstayedthesame,butsalesofgoodXincreasedfrom20unitsto40units.WecanconcludethatgoodsXandYare

Akeydeterminantofthepriceelasticityofsupplyisthe

A. the mayor
B. the city manager
C. The answer depends on the price elasticity of demand.
D. The answer depends on the costs of construction of the new municipal swimming pool.