Which of the following commodities can be considered as an inferior good?
a. Dwelling in a small apartment located in a suburb
b. Washing clothes in a washer at home
c. Eating out at an upscale restaurant
d. Spending vacations at exotic locations
A
Economics
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Using the above table, the marginal utility for the sixth glass of water is
a. -1 utils b. -3 utils c. -5 utils d. -7 utils e. none of the above
Economics
Betsy's utility depending from her consumption of coffee is shown in the table above. Betsy's marginal utility from the 3rd cup of coffee per day is
A) 30. B) 85. C) 90. D) 10.
Economics
Consumer spending is an injection in the circular flow of income and spending
a. True b. False Indicate whether the statement is true or false
Economics
If Price Elasticity of Demand is -2.4, the product is:
a) Inferior. b) Elastic. c) Inelastic. d) Unit elastic.
Economics