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kaheart [24]
2 years ago
10

The cross-price elasticity of demand measures the percentage change in quantity of a good demanded when the price of a different

good changes by 1%. The income elasticity of demand measures the percentage change in the quantity of a good demanded when the income of buyers changes by 1%.
For the following, match each pair of goods to their expected cross-price elasticity sign, positive, negative, or zero.
Negative Cross-Price Elasticity Positive Cross-Price Elasticity Zero Cross-Price Elasticity
Business
1 answer:
Harrizon [31]2 years ago
6 0

Answer:

hello your question is incomplete attached below is the complete question

answer :

For Negative cross-price Elasticity :

DVD players and DVD and Shampoo and conditioner

Positive cross-price Elasticity :

Beer and Wine  and  Soda pop and iced tea

Zero cross-price elasticity :

Coffees and shoes

Explanation:

<u>For Negative cross-price Elasticity : </u>

DVD players and DVD and Shampoo and conditioner ; this is because the percentage change in the price of any of the good will affect the demand for both goods negatively or positively

<u>For positive cross-price Elasticity :</u>

Beer and Wine  and  Soda pop and iced tea : The percentage change in the price of any of the good will affect the demand of the other good positively ( increase in demand of the other good )

<u>For Zero cross-price Elasticity </u>:

Coffees and shoes; The percentage change in the price of any of the good will not affect the other because both goods are not related

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Answer:

Yakov's explicit costs are the monetary costs that he pays while running his business:

Payment to manufacturer: $404,000

Wages and utility bills: $286,000

Total explicit costs: $690,000

Yakov's implicit costs are his opportunity costs, in other words, the things he gives up in order to run his business:

Rent he would get for his showroom: $3,000

Wage he would get as an accountant: $20,000

Total implicit costs: $23,000

Yakov's accounting profit is equal to revenue minus total explicit costs:

Accounting profit = $704,000 - $690,000

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Yakov's economic profit is equal to revenue minus total costs (the sum of implic costs and explicit costs)

Economic profit = $704,000 - $713,000

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Despite the fact that Yakov is not earning an economic profit selling boats, as an accountant, he would give up on the $704,000 that he is been making from selling boats. For that reason, he should keep the boat selling business.

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