Multiple Choice
A consumer's weekly income is $300 and the consumer buys 5 bars of chocolate per week.When income increases to $330,the consumer buys 6 bars per week.The income elasticity of demand for chocolate by this consumer is about:
A) 0.
B) 0.5.
C) 1.
D) 2
Correct Answer:
Verified
Correct Answer:
Verified
Q84: When demand is price-elastic, an increase in
Q134: Generally,which pairs of variables could be positively
Q135: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4893/.jpg" alt=" Refer to the
Q136: Which is not characteristic of a product
Q137: A good with a price elasticity of
Q138: An inferior good is best defined as
Q142: If the price elasticity of demand for
Q143: Consider a situation where the U.S.Congress wants
Q144: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4893/.jpg" alt=" Refer to the
Q261: When universities announce a large tuition increase