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- The law of demand is a. inverse relationship between the price of a commodity and the quantity demanded of the commodity per time period. b. direct relationship between the desire a consumer has for a commodity and the amount of the commodity that the consumer demands. c. inverse relationship between a consumer's income and the amount of a commodity that the consumer demands. d. direct relationship between population and the market demand for a commodity.You have a charger of your phone at home and you are relativley poor. When your income increases, what is income elasticity of itThe cross-elasticity of skilled labor with respect to unskilled labor is A. the percent change in skilled labor quantity relative to a percent change in the price of unskilled labor. B. the percent change in skilled labor quantity relative to a percent change in unskilled labor quantity. C. the change in skilled labor demand relative to a percent change in the wage of unskilled labor. D. the percent change in wage of skilled labor relative to a percent change in the wage of unskilled labor.
- How to calculate elasticity?Which market determinants deal to represent the effective demand? a. Demographic variables b. Technological variables c. Purchasing prosperity d. Economic variablesWhat is the income effect when studying the supply of labor? A. a decrease in number of hours raises utility B. at greater incomes, workers purchase more goods C. as wage increases, workers choose to work fewer hours D. as wage increases, workers choose to work more hours
- Question When the price of a cup of tea is BHD 0.200, each MBA student will demand 2 cups of tea every day. There are 75 MBA students. When the price goes up to BD 0.300, they will demand just 1 cup of tea each day. Derive the market demand curve of tea for MBA students. Find the price elasticity of individual as well as the market demand curve.What are some other examples of elasticity that can be affected by time?How do you suppose the demographics of an aging population of Baby Boomers' in the United States will affect the demand for milk? Justify your answer.
- The supply curve of a human resource will be more elastic the a. easier it is to obtain the skill and knowledge necessary to provide the resource. b. more elastic the demand for the product. c. more inelastic the demand for the product. d. higher the skill level necessary to perform the jobThe original income was R5000 and the quantity demanded wasR3000 there was an increase in income from R5000 to R7000 and an increase in the quantity demanded from R300 to R500.Draw the demand graph.What three key factors are necessary when estimating consumer demand?
