The table above gives Sharon's demand for ground beef at two different income levels. Use the midpoint method in this problem
a. What is the percentage change in Sharon's income?
b. What is the percentage change in the quantity demanded?
c. What is Sharon's income elasticity of demand for ground beef?
d. Is ground beef a normal or an inferior good for Sharon?
a. The percentage change in Sharon's income is 20 percent.
b. The percentage change in the quantity of ground beef demanded is 80 percent.
c. Sharon's income elasticity of demand for ground beef is 4.00.
d. Because the income elasticity is positive, ground beef is a normal good for Sharon.
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Suppose that roofers are not unionized. If roofers unionize, then the supply of labor in other sectors of the economy will
a. decrease, raising wages in industries that are not unionized. b. decrease, reducing wages in industries that are not unionized. c. increase, raising wages in industries that are not unionized. d. increase, reducing wages in industries that are not unionized.
The Statement of Cash Flows lists:
a. Operating, Investing, and Financing Activity b. Assets, Liabilities, and Owner's Equity c. Income, Expenses, and Liabilities d. Gains, Losses, and Net Income