Multiple Choice
If per capita income increases by 10% and household expenditure on fur coats increases by 15%,one can conclude that the price elasticity of demand for fur coats is
A) unity.
B) elastic.
C) positive.
D) inelastic.
E) not determinable from the information given.
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Normal goods<br>A)have negative elasticity of supply.<br>B)are sometimes
Q26: The elasticity of supply for a given
Q27: If the total expenditure on clothing decreases
Q28: If the total expenditure on cars increases
Q29: The formula for the price elasticity of
Q31: Suppose a market is in equilibrium at
Q32: Consumers will bear a larger burden of
Q33: Every month Olivier buys exactly 6 take-
Q34: The elasticity of supply for some product
Q35: Suppose you are advising the government on