Use the above table. The income elasticity of artisan bread is
A) 1.285.
B) 0.780.
C) 0.012.
D) 8.330.
A
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The graph shows the market for textbooks. If the government introduces a tax of $20 a textbook, then the price paid by buyers
A) increases by $20. B) increases to $80 a textbook. C) decreases to $60 a textbook. D) is $70 a textbook. E) does not change because the demand for textbooks is perfectly elastic.
In the one-input model, the marginal product of labor curve falls below the horizontal axis only if the production frontier slopes down.
Answer the following statement true (T) or false (F)
Refer to the above figure. If the government imposes a price ceiling of $20
A) the quantity of goods that will be traded is 100. B) the quantity of goods that will be traded is 200. C) the quantity of goods that will be traded is 150. D) the quantity of goods that will be traded is 0.
Quasi differences in Yt are defined as
A) Yt - Yt-1. B) Yt - ?1Yt-1. C) ?Yt - ?1Yt-1. D) ?1(Yt - Yt-1).