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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Ifachangeinthepriceofagoodresultsinnochangeintotalrevenue,then
A. the demand for the good must be elastic.
B. the demand for the good must be inelastic.
C. the demand for the good must be unit elastic.
D. buyers must not respond very much to a change in price.
Youhavejustbeenhiredasabusinessconsultanttodeterminewhatpricingpolicywouldbeappropriateinordertoincreasethetotalrevenueofabakery.Thefirststepyouwouldtakewouldbeto
A. increase the price of every loaf of bread in the store.
B. look for ways to cut costs and increase profit for the bakery.
C. determine the price elasticity of demand for the bakery's products.
D. determine the price elasticity of supply for the bakery’s products.
Whichofthefollowingshouldbeheldconstantwhencalculatinganincomeelasticityofdemand?
A. the quantity of the good demanded
B. the price of the good
C. income
D. All of the above should be held constant.
Iftwogoodsarecomplements,theircross-priceelasticitywillbe
A. positive.
B. negative.
C. zero.
D. equal to the difference between the income elasticities of demand for the two goods.
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