Income elasticity is defined as the:
A. percentage change in demand divided by the percentage change in income.
B. change in income divided by the change in demand.
C. percentage change in income divided by the percentage change in demand.
D. change in demand divided by the change in income.
Answer: A
Economics
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In the above table, the marginal product of the third worker is
A) 1. B) 2. C) 3. D) 4.
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If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is
a. 0.38 b. 2 c. 2.67 d. 4 e. 8
Economics