题目内容

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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Thesupplyofagedcheddarcheeseisinelastic,andthesupplyofbreadiselastic.Bothgoodsareconsideredtobenormalgoodsbyamajorityofconsumers.Supposethatalargeincometaxincreasedecreasesthedemandforbothgoodsby10%.Totalconsumerspendingonagedcheddarcheesewill

A. increase, and total consumer spending on bread will increase.
B. increase, and total consumer spending on bread will decrease.
C. decrease, and total consumer spending on bread will increase.
D. decrease, and total consumer spending on bread will decrease.

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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.

Thecross-priceelasticityofdemandcantelluswhethergoodsare

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

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

Thesupplyofagedcheddarcheeseisinelastic,andthesupplyofbreadiselastic.Bothgoodsareconsideredtobenormalgoodsbyamajorityofconsumers.Supposethatalargeincometaxincreasedecreasesthedemandforbothgoodsby10%.Totalconsumerspendingonagedcheddarcheesewill

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.