Demands possibly the least income elastic

Demands are possibly the least income elastic for very poor Americans for: (i) automobile services. (ii) Big Macs. (iii) lard. (iv) housing. (v) health care.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

View Complete Question

Related Questions in Microeconomics

Q : Value of the Average Product Hulk is

Hulk is the fitness counselor who coaches 5 clients at a time in the exercise groups at Beefcake Body Builders. His hourly salary is $17, and Beefcake charges Hulk’s clients $20 for each and every hour-long conditioning session. Average value of the product Hulk

Q : Income Distribution in Development

Income distribution tends to turn into more equal, statistically, while a country: (i) adopts central planning. (ii) becomes more developed and prosperous. (iii) relies more heavily on agriculture. (iv) reduces corporate tax rates. (v) adopts laissez-

Q : Inefficient economic monopolists

Monopolists are frequently considered inefficient since they set: (w) MR = MC to maximize profits. (x) P > MSC. (y) MSR < MSC. (z) output where average revenue equals price [AR = P] as well as marginal revenue equals marginal cost [MR = MC].

Q : Define regressive in taxes as

Line T2 depicts as in below graph a tax system which is: (i) progressive. (ii) recessive. (iii) proportional. (iv) biased. (v) regressive.

Q : Output level of maximized profit Profit

Profit is maximized in illustrated graph when this lumber mill produces an output level of: (1) 600 generic 2×4s daily. (2) 700 generic 2×4s daily. (3) 1500 generic 2×4s daily. (4) 1700 generic 2×4s daily. (5) 1800 generic 2&ti

Q : Welfare from Poor to Rich “ Welfare by

“Welfare by the poor to the rich” is best illustrated when: (1) an l8 year old dishwasher pays Social Security taxes to give payments to a 67 year old retired vice president of General Motors. (2) federal highway funds are diverted to a ma

Q : Equilibrium rent imposing price ceiling

When the New York City government only permits landlords to charge $800 a month for a little apartment while equilibrium rent would be $1,500, this has imposed: (w) price floor. (x) regulation which will result in market surpluses. (y) regulation that

Q : Comparison of competitive and

If compared to competitive advertising, in that case informative advertising tends to: (1) help consumers make more satisfying choices. (2) be a waste of resources. (3) increase transaction costs. (4) be less efficient than competitiv

Q : Constant shortages of a good problem

Constant shortages of a good are nearly always attributable to: (1) legal ceiling prices which are set beneath equilibrium. (2) Recessions which yield maximum unemployment rates. (3) Price gouging by firms through monopoly power. (4) Legal price floor

Q : Relatively elasticity in supply curve

At point a, in below figure the supply curve into this graph: (w) perfectly elastic. (x) relatively elastic. (y) unitarily elastic. (z) relatively inelastic.

Discover Q & A

Leading Solution Library

Avail More Than 1450876 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1933302
Asked

3,689

Active Tutors

1450876

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment