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sergey [27]
3 years ago
11

You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired

at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles in favor of foods she prefers more. When looking at income elasticity of demand for Ramen noodles, yours would: a. be negative, and your roommate's would be positive b. be positive, and your roommate's would be negative c. be zero, and your roommate's would approach infinity d. approach infinity, and your roommate's would be zero.
Business
1 answer:
inn [45]3 years ago
4 0

Answer:

The answer to this question is b. Yours will be positive and your roommate's would be negative.

Explanation:

Income elasticity of demand is the degree of responsiveness of demand to changes in income. In other words, it measures how changes in income of consumers will affect the quantity of commodities demanded by such consumers.

An income elasticity of demand can be positive or negative.

It is positive, when an increase in income leads to an increase in the quantity demanded by the customer. However it is referred to as negative when an increase in income leads to decrease in the quantity demanded by the consumer.    

In  the question above, it can be seen that the increase in income of the first person brought about increase in the commodity demanded thereby making his income elasticity of demand positive. one the other hand, the increase in the income of his roommate, brought about decrease in his demand which translate to the fact that his income elasticity of demand would be negative.

Hence the answer given.

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Explanation:

The facilitative style of action-making represents a collaborative effort between the members and the stakeholders, each giving feedback for mutual  the decision taking.

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3 years ago
Before introducing the new software, Star Software Inc., conducted benchmark activities to assess how popular the product would
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3 years ago
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Kelly has decided to start his own business giving sailing lessons. To purchase equipment for the business, Kelly withdrew $1,00
vova2212 [387]

Answer:

The total opportunity cost of investing in the business  is explained below:

Explanation:

Opportunity cost is also known as alternative cost, the cost incurred from giving up one benefit for an alternative. Kelly withdrew 1000$ from his account, which was giving him a 3% profit annually, and the total opportunity cost of withdrawing 1000$ is  30$ annually. Similarly, he withdrew another 2000$ at 7% interest rate that is 140$which he has to pay annually.

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Answer: The answer is given below

Explanation:

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