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
The investment decisions of salaried managers in the United States tend to be better for the long-term growth of the economy than were the decisions of salaried bureaucrats in the Soviet Union because:
Answers (1)
Marigold Corp. has 7,800 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.
Answers (1)
Is it appropriate to think of all of australia as a single geographic market for natural gas? if so, explain why.
Answers (1)
Julia's employer has given her the responsibility of creating the business plan for the company. Julia wants to convince the business's investors that the business could expect healthy growth in the next few years.
Answers (2)
Marten Company's records indicate that, during the current year, land costing $50,000 was sold. A gain of $45,000 was recognized on the sale. Cash inflows associated with this sale were
Answers (1)
New Questions in Business
Conversion to an e-commerce or m-commerce system enables organizations to increase the accuracy of order processing and order fulfillment. a. True b. False
Answers (1)
What is the financial impact on a company when a customer returns a product for a refund? A. Sales revenue will decrease because sales revenue will be debited. B. Sales revenue will increase because sales revenue will be credited. C.
Answers (1)
On october 1, 2014, donald anderson exchanged an apartment building having an adjusted basis of $375,000 and subject to a mortgage of $100,000 for $25,000 cash and another apartment building with a fair market value of $550,000 and subject to a
Answers (1)
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. In each space below, place the correct sign; less than (), or equal (=) for each comparison, assuming periods of rising prices. 1.
Answers (1)
When an organization expands into a totally new line of business, it is implementing a strategy of: a. Related diversification b. Unrelated diversification c. Cross-functional diversification d. Product line diversification e.
Answers (1)