Which of the following statements illustrates income elasticity of demand ?
A. A rise in Annie's income by 5 percent decreases supply of canned fruits by 6 percent.
B. A salary cut and no other changes has resulted in Mary buying less fast food.
C. Poor economic conditions are resulting in higher unemployment and lower aggregate demand.
D. A 2 percent fall in the price of peanuts increases Ralph's demand for almonds by 5 percent.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which of the following statements illustrates income elasticity of demand ? A. A rise in Annie's income by 5 percent decreases supply of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Palmer corp is considering the purchase of a new piece of equipment. the cost savings from the equipment would result in an annual increase in net income after tax of "$100,000".
Answers (1)
Which of the following is not a true statement? A. The all-in-rate a bank charges its customer (s) for accepting drafts includes both the discount rate and the acceptance commission. B.
Answers (1)
Identify the careers that require a college degree and the ones that require only a certification. biomedical engineer hairstylist childcare director museum personnel sociologist tour guide
Answers (2)
Which are objects that fulfill the needs and wants of consumers?
Answers (1)
What are the benefits of investing in corporation?
Answers (1)
New Questions in Business
Evan Company reports net income of $140,000 each year and declares an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2017.
Answers (1)
Those who believe that regulations on business and industry are too numerous and too complex are most likely to favor the policy of
Answers (1)
In phenomenological studies, researchers strive to ensure that their own preconceived beliefs and opinions do not influence the emerging data, using which strategy? a. Constant comparison. b. Participant observation. c. Hermeneutics. d. Bracketing.
Answers (1)
A survey by the National Restaurant Association found that 70% of consumers say that they are more likely to visit restaurants that offer locally produced food.
Answers (1)
Which of the following is not a quality of a good employee? a. hardworking b. dishonest c. polite d. punctual
Answers (2)