Let P be the price of a good and let I represent consumer income. Which of the following demand functions represents a luxury good with inelastic price response?
A) log(Q) = 4 – 2 log(P) + 2 log(I)
B) log(Q) = 4 - 0.5 log(P) + 0.25 log(I)
C) log(Q) = 4 - 0.25 log(P) + 2 log(I)
D) log(Q) = 4 + 2 log(P) + 0.2 log(I)
C
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The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the long run as new firms enter, Golden Chow cuts its output to 200 cans per day
Its excess capacity is ________ cans per day. A) 0 B) between 0 and 200 C) between 201 and 400 D) more than 401
Of the following high-income countries, which has the highest life expectancy at birth?
A) Canada B) Japan C) the United Kingdom D) the United States
The Bureau of Labor Statistics counts as employed people who work part-time, but would prefer to work full-time. Suppose the people who had part-time jobs, but wanted full-time jobs, were counted as unemployed
Explain how the unemployment rate and the labor force participation rate would change.
From 1800 to 1940, the price level in the United States
A) trended neither upward nor downward. B) fluctuated wildly. C) declined slowly. D) increased slowly.