The demand for good X has been estimated to be ln Qxd = 100 ? 2.5 ln PX + 4 ln PY + ln M. The income elasticity of good X is:
A. 1.0.
B. 2.0.
C. ?2.5.
D. 4.0.
Answer: A
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The above table depicts output from a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal revenue product (MRP) for the fourteenth worker per week?
A) 90 units B) 80 units C) $70,000 D) $60,000
If the compensated (Hicks) and Marshall demand curves for a good intersect, at that point the Marshall curve will be:
a. flatter if this is a normal good. b. steeper if this is a normal good. c. flatter if this is an inferior good. d. horizontal.
Which of the following could explain an increase in demand for labor?
a. additional training that increases the productivity of each unit of labor in this market b. an increase in the amount of risk associated with this job c. a decrease in the amount of risk associated with this job d. an improvement in the working conditions associated with this job e. a decline in the working conditions associated with this job
A ________ p-value means the probability is ________ of getting the result you find in the sample data if the null hypothesis is true.
A. small; small B. negative; certain C. positive; certain D. small; large