Milkhasaninelasticdemand,andbeefhasanelasticdemand.Supposethatamysteriousincreaseinbovineinfertilitydecreasesboththepopulationofdairycowsandthepopulationofbeefcattleby50percent.Totalconsumerspendingonmilkwill
A. increase, and total consumer spending on beef will increase.
B. increase, and total consumer spending on beef will decrease.
C. decrease, and total consumer spending on beef will increase.
D. decrease, and total consumer spending on beef will decrease.
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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.
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.
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