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Economics Homework Three Answers - Student Nine (view source)
Revision as of 12:24, September 28, 2009
, 12:24, September 28, 2009revised
'''4.''' The name necessity is given to a good that has price elasticity of less than 1 because if the seller increases the price he will not lose revenue.
'''4.''' The name necessity is given to a good that has price elasticity of less than 1 because if the seller increases the price he will not lose revenue.
:Excellent, but the question also asked about a "luxury". (Minus 1).
:Correct statement about "price elasticity," but see the model answers. Also, the question further asked about a "luxury". (Minus 1).
'''5.''' A substitute for French fries is onion rings, and a complement for them is ketchup.
'''5.''' A substitute for French fries is onion rings, and a complement for them is ketchup.