Since demand is more inelastic for products that represent a smaller share of your income, which one of the following is true?
a. the demand for shoe laces is more elastic than the demand for shoes
b. The demand for oil changes is more inelastic than the demand for cars
c. the demand for ear buds is more elastic than the demand for ipods
d. the demand for Salt has a more elastic than the demand than meat
b
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A decrease in the number of workers hired by a firm could result from
A) an increase in the marginal product of labor. B) an increase in the marginal revenue product of labor. C) an increase in the real wage. D) a decrease in the real wage.
Bob values the utility of a single scoop of Baskin-Robbins ice cream at $1.50 . A double scoop gives total utility of $2.25, while a triple scoop yields $2.60 . Baskin-Robbins charges $1.35 for a single, $1.95 for a double, and $2.35 for a triple. How many scoops will Bob buy?