Answer:
c) No change will occur in the market.
Explanation:
The correct option is : (c) No change will occur in the market
Reason: A price ceiling above the equilibrium price is a non binding price ceiling and it does not affect the market. No change in supply or demand occurs.
Answer:
-3.24
Explanation:
Income-elasticity of demand is given as = % change in quantity demanded / % change in income.
Therefore, since Blake stopped eating generic chips, his change in demand of generic chips is given as
0-2 = 2.
Midpoint is (0-2)/2 = -1
Therefore, % change in quantity demanded for generic chips is given as zero, since Blake stopped taking it completely.
Blake's change in income is given as $8 to $15
% change in income = ($15-$8/$8)×100
7/8 × 100
% change in income = 87.5%
Midpoint of income is $8+$15/2 = $11.5
Income elasticity of demand for generic chips would be = -2/0.609 = -3.284 approximately -3.24
Answer:
A. "Less than high school " and "High School graduate"
Explanation:
Just took edge test D is wrong
I would say bond. Bob would most likely going to buy bonds. Bonds are known to be very safe however it has low return.
Answer:
a. is an institution that brings together buyers and sellers.
Explanation:
A market is an institution that brings together buyers and sellers to exchange goods and services.
A market doesnt always requires face-to-face contact between buyer and seller thanks to the internet.
I hope my answer helps you.