Last year, Alice bought 40 CDs when her income was $20,000 . This year, her income increased to $25,000 . and she purchased 48 CDs. We can conclude that:
a. Alice's price elasticity of demand for CDs is equal to 1.
b. Alice's demand for CDs is price-inelastic.
c. Alice's demand for CDs is price-elastic.
d. the income elasticity of demand for CDs is negative.
e. CDs are a normal good.
e
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The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to ________ and it ________ as more cloth is produced
A) -MPLF/MPLC; becomes steeper B) -MPLF/MPLC; becomes flatter C) -MPLF/MPLC; is constant D) -MPLC/MPLF; becomes steeper E) -MPLC/MPLF; is constant
The $/€ bid rate is the:
a. Inverse of $/€ ask rate b. Inverse of €/$ ask rate c. Equal to the €/$ ask rate d. Equal to the €/$ bid rate e. Equal to the $/€ ask rate
Most economists agree that the? above-market wage paid in unionized industries significantly increases the unemployment rate in the United States.
a. true b. false
Which of the following would increase disposable personal income?
A) a decrease in transfer payments received B) a decrease in taxes paid C) a decrease in personal income D) All of the above would increase disposable income.