--%>

Price cross-elasticities of demand

When the price of thermal underwear is increased from $12 to $18 per pair, because of the quantity of cross country snow skis to decline by 1,200 to 800 pairs annual, such goods are ____ and the price cross elasticity of demand equivalents ____. (1) luxuries; 2.00 (2) complementary; -1.00 (3) substitutes; -2.00 (4) normal goods; 0.500 (5) substitutes; 1.00

Can someone explain/help me with best solution about problem of economic...

   Related Questions in Microeconomics

  • Q : Long run for production theory Long run

    Long run for the production theory is a time period across which: (i) All production occurs. (ii) Firms can adjust all their costs and resources. (iii) Bigger firms absorb the smaller firms. (iv) Marginal costs become decreasingly significant. (iv) Im

  • Q : Micro-macroeconomics in allocative

    Economic questions involving both microeconomics and macroeconomics would take in the effects on allocative efficiency and economic development of: (i) War within the Middle East and skyrocketing international prices

  • Q : Minimum wage laws for unskilled and

    The capability of unskilled workers to compete against skilled workers for jobs tends to be decreased by: (1) progressive income taxes. (2) laws which impose excessive legal minimum wages. (3) speculation and arbitrage. (d) inflationary balance of trade deficits. (5)

  • Q : How changes in weather affect

    I have a problem in economics on how changes in weather affect agricultural output. Please help me in the following question. Economists consider how changes in the weather influence the agricultural output as: (i) Signs of ecological imbalances. (ii) Technological mo

  • Q : Problem on Paradox of Value I have a

    I have a problem in economics on Problem on Paradox of Value. Please help me in the following question. Since diamonds are much expensive as relative to water, the: (i) Fundamental needs of people don’t comprise water. (ii) Consumer surplus from consuming the di

  • Q : What makes goods or resources valuable

    Can someone help me in finding out the precise answer from the given options. Modifying the goods or resources in manners that make them more valuable is: (1) Production. (2) Profitability. (3) Consumption. (4) Distribution.

  • Q : Differences in the arc elasticities of

    The dissimilarities in the arc elasticities of demands for labor among the Ajax Corporation and Bosun Limited are consistent along with an inference which Bosun: (1) is a more profitable firm than Ajax. (2) hires more highly skilled workers than Ajax

  • Q : Question related to Monopoly Refer to

    Refer to the following figure . Assume the graphs represent the demand for use of a local golf course for which there is no significant competition (it has a local monopoly); P indicates the price of a round of golf; Q is the quantity of rounds "sold" each day. If th

  • Q : Stickiness of prices in oligopolistic

    The "kinked-demand-curve" model was developed into the 1930 year in part to help describe: (i) barriers to entry in oligopoly markets. (ii) the allegedly excessive stickiness of prices into oligopolistic industries. (iii) how competitive industries be

  • Q : Compare firms with substantial market

    Compared to Firms A and B as well as C, Firm D is: (1) a firm along with substantial market power. (2) a pure price taker and quantity adjuster. (3) least possible to generate economic profit in the long run. (4) a total revenue maximizer when it produces output level