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Economics Homework Three Answers - Student Twelve (view source)
Revision as of 12:29, September 28, 2009
, 12:29, September 28, 2009revised
Luxuries can easily be substituted away from and the use of those goods is discretionary. This is also why they are price elastic. Observing the price elasticity of goods allows one to easily determine which goods are necessities and which are luxuries by seeing how easy it is for consumers to alter their consumption patterns.
Luxuries can easily be substituted away from and the use of those goods is discretionary. This is also why they are price elastic. Observing the price elasticity of goods allows one to easily determine which goods are necessities and which are luxuries by seeing how easy it is for consumers to alter their consumption patterns.
:Superb.
:This isn't correct, perhaps due to an error in the assumption of the question. Full credit given but please see the model answers.
5. A substitute for french fries would be another side item such as onion rings. A complement for french fries would be catsup.
5. A substitute for french fries would be another side item such as onion rings. A complement for french fries would be catsup.