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 : Determinants of Demand-Change in price

Can someone help me in finding out the right answer from the given options. Demand curve for the DVD players would not be shifted by the change in price of: (1) Downloaded music. (2) CD players. (3) Compact disks. (4) DVD players.

Q : Reform welfare mess Proposals to reform

Proposals to reform the “welfare mess” comprises: (w) increasing education levels. (x) increasing job training programs. (y) enforcement of the Equal Pay Act. (z) negative income taxes. How can I solve

Q : Effect on total revenue by raises price

A price raise from $6 to $8 would effect in: (1) a decrease in total revenue. (2) an increase in total revenue. (3) no change in total revenue. (4) consumers buying more pizza. (5) pizza parlors selling more pizza.

Q : Properties of indifference curves

Properties of indifference curves: The 3 properties of indifference curves are as shown below:A) Slopes downward from left to right: To consume more of onegood the consumer should give up li

Q : Categorizing goods into intermediate

Describe the basis of categorizing goods into intermediate and final goods. Give appropriate illustrations.

Q : Normal accounting profits I have a

I have a problem in economics on Normal accounting profits. Please help me in the following question. The normal accounting profits are considered by the economists to be: (i) Exploitation of the consumer. (ii) Evidence of monopoly power. (iii) Economic costs of the p

Q : Problem on physical export Select the

Select the right answer of the question. The physical export of motorcycles from the United States to Mexico best illustrates a: A) trade flow. B) resource flow. C) financial flow. D) technology flow.

Q : Increase in Income Tax Progressivity

When this figure demonstrated Lorenz curves for distribution of income after taxes and transfers, in that case it is UNTRUE of the Lorenz curves demonstrated in this demonstrated figure that: (1) line 0E0' represents a Lorenz curve of

Q : Natural barriers to entry in network

Assume that an equipment or software firm has copyrights and patents which restrict other firms from producing goods embodying its technology, and which the firm is shielded from competition since customers can deal along with each other at lower costs when they utili

Q : Problem on Monopolistic Competition

When fifty fast-food restaurants belonging to fourteen various chains are strung along an eight mile stretch of highway, it is an illustration of: (1) a primitive cartel. (2) pure competition. (3) monopolistic competition. (4) an oligopoly.

Discover Q & A

Leading Solution Library

Avail More Than 1419155 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1945985
Asked

3,689

Active Tutors

1419155

Questions
Answered

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

Submit Assignment