Last year when John graduated and received a 20 percent pay increase, the average number of restaurant meals he consumed rose from one a week to three a week. Hence his income elasticity for restaurant meals is
A) 0.50.
B) -0.50.
C) 5.00.
D) -5.00.
C
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In the table above, the deadweight loss is zero when ________ umbrellas are produced and sold
A) 20 B) 40 C) 60 D) 80
The exchange rate converts
a. one currency value to another b. labor units to output units c. miles to kilometers d. physical capital units to human capital units e. none of the above
If investment is interest-insensitive,
A) monetary policy has no impact on equilibrium income. B) monetary policy has no impact on the equilibrium interest rate. C) fiscal policy has no impact on equilibrium income. D) fiscal policy has no impact on the equilibrium interest rate.
The marginal factor cost is the
A) additional revenue obtained from a one-unit change in labor input. B) additional revenue obtained from a one-unit change in output. C) change in output resulting from the addition of one more worker. D) cost of using an additional unit of an input.