--%>
Assignment Help - homework help

Change in real income when price fall

I have a problem in economics on Change in real income when price fall. Please help me in the following question. When gas prices drop from $2.65 to $2.45, the biggest change in real income is realized by: (1) Harry Hustler who drives his 1995 Lincoln 200,000 miles/year selling electric tooth-picks. (2) Ernest Environmentalist who rode a mountain bike and does not own a car. (3) Freda Frugal who drives a Honda Civic 5,000 miles yearly. (4) Ichabod Impoverished who rode the bus.

Select the most appropriate option.

   Related Questions in Macroeconomics

  • Q : Explain growth accounting. Economic

    Economic growth is measured by the rate of increase in national output, GDP. The output depends on inputs -labour, capital technology etc. the theories of economic growth bring out how and to what extent each input or factor contributes to the g

    		•
  • Q : Main concerns of microeconomics Can

    Can someone explain/help me with best solution about problem of microeconomics in economic... Main concerns of microeconomics would consist of: (w) rates of inflation. (x) consumer options. (y) rates of unemploymen

    		•
  • Q : Inflation Inflation is frequently

    Inflation is frequently described as "too much money chasing too few goods." Is this a satisfactory definition?

    		•
  • Q : Self consumption-Value of output

    Illustrate whether output generated for self consumption is comprised or not comprised in the value of output? Answer: The output generated for self consumption is

    		•
  • Q : Control of Inflation Economists agree

    Economists agree that inflation beyond a moderate rate is undesirable as it can often prove disastrous and therefore, it must be kept under control. Economists agree also that an appropriate mix of fiscal and monetary policies can be helpful in controlling inflation.

    		•
  • Q : Microeconomics is studying economic

    is studying economic worth your time and effort

    		•
  • Q : Problem on full employment Does full

    Does full employment take place if AD = AS or S = I?

    		•
  • Q : Define Devaluation Devaluation means

    Devaluation means decrease in the external value of a country’s currency as an aware policy measure adopted by the Government of a country. In another words, we make our currency less costly in terms of foreign currency. This builds our goods ch

    		•
  • Q : Principles of macroeconomics What are

    What are the “powers of the Federal Reserve

    		•
  • Q : Founder of utilitarianism The founder

    The founder of utilitarianism be: (1) Adam Smith. (2) John Stuart Mill. (3) Jeremy Bentham. (4) Feodor Dostoyevsky. (5) Thorstein Veblen. (6) Alfred Marshall. Can someone help me in getting through this problem.

    		•