rice (dollars per gallon) little. D) increase their consumption as price E) decr

Question

rice (dollars per gallon) little. D) increase their consumption as price E) decrease their consumption as price 4) If a substitute good is hard to find, then demand for a good is A) unit elastic. C) perfectly inelastic. D) elastic. E) Substitutes don't have any effect on elasticity 13u Quantity (gallons per montl 0 100 5) Joe receives a 10 percent pay cut in his income from his job and as a consequence increases his consumption of Domino's pizzas by 10 percent. Hence to Joe, Domino's pizzas are 9) The demand curve shown in the figure above reflects demand that is A) perfectly elastic. B) perfectly inelastic. C) unit elastic. D) elastic but not perfectly elastic. E) inelastic but not perfectly inelastic. A) a substitute good with a cross elasticity B) an inferior good with an income C) a good with a price elasticity of supply D) an inferior good with an income E)a normal good with a price elasticity of of 0.5. elasticity of -0.5. of-0.5. elasticity of -1. demand of 1.

Explanation / Answer

Q4. Answer is B. Inelastic. Q5. Answer is D. an inferior goods with income elasticity of -1. Explanation: The inverse relation between income and demand is there in Inferior goods. Income Elasticity: % change in demand/ % change in income = 10% /-10% = -1 Q9. Answeer is A. perfectly elastic.

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