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Economics Homework Three Answers - Student Five (view source)
Revision as of 12:18, September 28, 2009
, 12:18, September 28, 2009corrected
4. A necessity is something that will be bought at the same rate and have the same demand for even in hard times while a luxury is something that will not be bought at the same rate and will not have the same demand for in hard times. Usually the demand for a luxury will decrease and the rate at which it will be bought up will slow down.
4. A necessity is something that will be bought at the same rate and have the same demand for even in hard times while a luxury is something that will not be bought at the same rate and will not have the same demand for in hard times. Usually the demand for a luxury will decrease and the rate at which it will be bought up will slow down.
:Good, but incomplete. A necessity is price inelastic; a luxury is price elastic. (Minus 1).
:Good, but incomplete. A necessity is income inelastic; a luxury is income elastic. (Minus 1).
5. A substitute for french fries would be onion rings, while a complement would be a box for the fries to be served in.
5. A substitute for french fries would be onion rings, while a complement would be a box for the fries to be served in.