Siteadmin, Bureaucrats, Check users, nsAm_Govt_101RO, nsAm_Govt_101RW, nsAm_Govt_101_ta, nsJudgesRO, nsJudgesRW, nsJudges_talkRO, nsJudges_talkRW, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, oversight, Administrators
125,790
edits
Changes
Jump to navigation
Jump to search
Line 24:
Line 24: − +
Economics Homework Three Answers - Student Seven (view source)
Revision as of 12:21, September 28, 2009
, 12:21, September 28, 2009revised
The term “necessity” is given to a good that has a price elasticity of less than one because we need that good to survive in this society, but a good that has a price elasticity of more than one is called a “luxury” because we do not need that certain good for our survival; it is something extra for our enjoyment.
The term “necessity” is given to a good that has a price elasticity of less than one because we need that good to survive in this society, but a good that has a price elasticity of more than one is called a “luxury” because we do not need that certain good for our survival; it is something extra for our enjoyment.
:Superb, could use as a model.
:Not quite, due to a mistake in the question (full credit given). See model answers.
5. What is a substitute for French fries, and what is a complement for them?
5. What is a substitute for French fries, and what is a complement for them?