If income doubles and the quantity demanded of good X more than doubles, then good X can be described as a
a. substitute good.
b. complement good.
c. necessity.
d. luxury.
d
Economics
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The elasticity of demand is
A) measured in money (e.g., dollars). B) measured in units of the good (e.g., slices of pizza). C) unitless. D) measured in money/unit (e.g., 1.50 $/slice of pizza).
Economics
The following simultaneous equations describe the demand and supply for a particular good in a competitive market.
Qi= 
1Pi+ 
1zi1 + ui1
Qi= 2Pi+ 2zi2 + ui2
Which of the following are the endogenous variables in this model?
A. Pi,zi1, and zi2
B. Pi and Qi
C. zi1, and zi2
D. ui1 and ui2
Economics