Which of the following examples would likely have the lowest elasticity of demand if the price of the product changed?
a. Ramon spends $5 of his weekly paycheck of $1,500 on yogurt.
b. Cynthia spends $200 of her weekly paycheck of $1,000 on clothes.
c. Karl spends $50 of his weekly paycheck of $1,200 on music streaming.
d. Yuna spends $800 of her weekly paycheck of $2,000 on a HD television.
a. Ramon spends $5 of his weekly paycheck of $1,500 on yogurt.
Economics
You might also like to view...
When the benefits of producing a good or service spill over to other people, rather than just the buyer, the spillover is referred to as
A) an external benefit. B) an external cost. C) a marginal cost. D) an equilibrium social output. E) a Coasian good.
Economics
The United States has less income inequality than most other developed countries.
Answer the following statement true (T) or false (F)
Economics