If the income elasticity of demand for a good is .59, then it is what type of good?
a. Price elastic.
b. Price inelastic.
c. Income inelastic.
d. Income elastic.
e. Inferior.
c
Economics
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Which of the following would lead to a decrease in the supply of watches?
a. An increase in the price of watches b. A decrease in the price of watches c. A decrease in the expected future price of watches d. None of the above
Economics
The retail value of a gallon of milk (fat free) is $4.19. Dairy farmers receive roughly $1.64 for this gallon of milk. What is the dairy farmer's share of the retail food dollar?
A) 39% B) 42% C) 34% D) 33%
Economics