Heath's income elasticity of demand for concerts is 2 . All else equal, this means that if his income increases by 10 percent, he will purchase tickets for
a. 2 percent more concerts.
b. 5 percent more concerts.
c. 10 percent more concerts.
d. 20 percent more concerts.
d
Economics
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When we say supply curves become more elastic over time, we mean
A) the quantity supplied becomes independent of demand. B) any price change has a larger affect on quantity supplied. C) the supply curve becomes steeper. D) the supply curve shifts upward.
Economics
Which of the following statements is correct, when the exchange rate changes from €2/$ to €1.5/$?
a. Both the euro and the dollar appreciate. b. Both the euro and the dollar depreciate. c. None of the above. d. The euro (€) depreciates. e. The euro appreciates and the dollar depreciates.
Economics