Blake eats two bags of potato chips each day. When Blake's hourly wage increases from $7 to $15, he decides to stop eating generic potato chips and starts eating a name brand potato chip. Use the midpoint method to calculate Blake's income elasticity of demand for generic potato chips. Round your answer to two decimal places. income elasticity of demand for generic potato chips:For Blake, generic potato chips arean inferior good. a luxury good. a normal good.
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If a society decides to produce consumer goods from its available resources, it is answering the economic question
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Resource x is necessary to the production of good y. if the price of resource x rises, the curve for good y will shift resulting in a(n) in the equilibrium price of y and a(n) in the equilibrium quantity of y. a. supply; leftward; increase; increase b. demand; leftward; decrease; decrease c. supply; rightward; decrease; increase. d. demand; rightward; increase; increase e. supply; leftward; increase; decrease
Answers: 1
Blake eats two bags of potato chips each day. When Blake's hourly wage increases from $7 to $15, he...
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