When the price of hamburger went from $3 to $4 a pound, the quantity demanded of buns changed from 30 to 25 packages a day. The cross-price elasticity of demand for hamburger (using the initial value formula) is:
A. 1.4.
B. 0.6.
C. -0.6.
D. There is not enough information to answer this question.
Answer: D
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Workers in high-income countries have ________ to work with than do workers in low-income countries
A) less physical capital B) more labor and less physical capital C) more labor D) more physical capital
The long-run upward-sloping aggregate demand curve implies an upward-sloping Phillips curve; thus, there is a tradeoff between inflation and unemployment in the short run when it comes to government policy.
Select whether the statement is true or false. A. True B. False
In the above diagram, what happens if the real GDP is $3 trillion? $5 trillion? $7 trillion? What is the equilibrium level of real GDP? Why?
What will be an ideal response?
The problem of inconsistent standards across nations can be managed by:
A. policymakers making explicit laws about imports for specific countries. B. consumers making voluntary purchasing decisions. C. policymakers making blanket standards imposed on all imports. D. All of these are true.