If John purchases 10 percent more compact discs when his income increases 5 percent, then:
a. his total expenditure on compact discs will fall as his income increases.
b. compact discs would be classified as an inferior good.
c. compact discs would be price elastic.
d. compact discs would be income inelastic.
e. compact discs would be income elastic.
e
Economics
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Refer to the table above. What is the average fixed cost of producing 110 units of the good?
A) $1.36 B) $1.72 C) $37.50 D) $150
Economics
Adam Smith in The Wealth of Nations argued that:
a. society works best when people act unselfishly b. society works best when people act in their own self interest c. society works best when people act as if they are invisible to others d. the social order needs the guidance of the government's visible hand e. none of the above
Economics