Question 22 1.32 pts Which of the following is not fixed along a production poss

Question

Question 22 1.32 pts Which of the following is not fixed along a production possibilities frontier? O the quantity of a good produced the level of technology the quantity of available land the quantity of available labor the quantity of available capital D | Question 23 1.32 pts The demand for fast, expensive, Ferrari cars (in the market for cars in general) tends to be: elastic, because there are many substitutes for Ferraris and it represents a large percentage of a consumer's budget. inelastic, because there are many substitutes for Ferraris and it represents a large percentage of a consumers budget. O inelastic, because there are few substitutes for Ferraris and it represents a small percentage of a consumer's budget. C inelastic, because there are few substitutes for Ferraris and it represents a large percentage of a consumer's budget. elastic, because there are no substitutes for Ferraris and it represents a large percentage of a consumer's budget

Explanation / Answer

Ans 22)

Quantity produced is variable and land , labour , technology used are fixed variable

Hence option 1 is correct

Ans 23)

Demand tends to be inelastic because Ferrari has few substitutes and it will cost higher portion of consumer budget because its expensive

Option 4 is correct answer

Ans 24)

If Cross Price elasticity is positive then Price of good is in direct relation with Quantity of substitute hence positive

chosen option is correct

Ans 25)

If Chicken and Beef are substitutes then increase in the price of beef will increae the demand for chicken and hence its price will increase in due course

Chosen option is correct

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