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Demand for staples such as dairy products and bread is likely to be both income and price inelastic.

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Demand for staples such as dairy products and bread is likely to be both income and price inelastic.

Question 1.

Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03. These elasticities mean that beer and spirits are ________, and spirits and wine are ________.

• complements; luxuries

• normal goods; luxuries

• complements; substitutes

• substitutes; luxuries

Question 2.

Demand for staples such as dairy products and bread is likely to be both income and price inelastic.

• true

• false

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 49 times

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Nashua

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More solutions for this book are available here

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banggedung Author

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