Multiple Choice
You and your college roommate eat three packages of ramen noodles each week.After graduation last month,both of you were hired at several times your college income.You still enjoy ramen noodles very much and buy even more,but your roommate plans to buy other foods she prefers over ramen noodles.What are you and your roommate's income elasticities of demand for ramen noodles
A) Your income elasticity of demand is negative and your roommate's is positive.
B) Your income elasticity of demand is positive and your roommate's is negative.
C) Your income elasticity of demand is zero and your roommate's approaches infinity.
D) Your income elasticity of demand approaches infinity and your roommate's is zero.
Correct Answer:
Verified
Correct Answer:
Verified
Q220: What do advocates of drug interdiction argue<br>A)Its
Q221: Japan is a major world supplier of
Q222: Why was OPEC successful in raising the
Q223: As the price elasticity of demand decreases,what
Q224: When quantity moves proportionally the same amount
Q225: If a 5 percent increase in price
Q226: When is demand said to be elastic<br>A)if
Q228: What happens in the case of perfectly
Q229: In the market for oil in the
Q230: When quantity demanded responds only slightly to