1 economics is best described as thea study of choice when, Ask an Expert

Economics

1. Economics is best described as the

a. study of choice when scarcity exists

b. study of the production of goods and services

c. theory of consumer behavior

d. science of money

e. art of spending money wisely

2. A 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a service. This service is a(n) __________ good and demand is __________.

a. normal; elastic

b. normal; inelastic

c. normal; unit elastic

d. inferior; elastic

e. inferior; inelastic

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91695923

Have any Question?Write your Review or question?

Related Questions in Business Economics

A communications company offers 16 different television

A communications company offers 16 different television packages and 16 different internet packages. Of those, 5 packages include both television and internet. How many ways are there to choose either television or inter ...

If the cost of vacation is 938444 what would be the annual

If the cost of vacation is $9,384.44, What would be the annual compound interest rate that would let their saving account accumulate to meet their vacation costs?

1 you are lost on the mythy island in the summer when

1. You are lost on the Mythy Island in the summer, when tourists are two-thirds of the population. If you ask a tourist for direction the answer is correct with probability ¾; answers to repeated questions are independen ...

In families with four children youre interested in the

In families with four children, you're interested in the probabilities for the different possible numbers of girls in a family. Using theoretical probability (assume girls and boys are equally likely), compile a five-col ...

A fair coin is flipped 3 times the toss results are

A fair coin is flipped 3 times. The toss results are recorded on separate slips of paper (writing "H" if Heads and "T" if Tails), and the 3 slips of paper are thrown into a hat. a) Find the probability that all 3 tosses ...

Assume the following probabilitiespcustomer makes a

Assume the following probabilities: P(Customer makes a purchase) = 0.500 P(Customer does not make a purchase) = 1- 0.500 Compute the probability that both customers purchase (# purchases = 2), and enter your answer with ...

Identify a recent mergeracquisition and use it to and

Identify a recent merger/acquisition and use it to and explain: was the merger/acquisition predominately about gaining economies of scale or economies scope?

Suppose you have used the following production function to

Suppose you have used the following Production Function to estimate the Industry's average and marginal products for its inputs: Q = 150 L1/4K1/3 M1/5. Where Q stands for output; L is labor; K is capital (machine hors) a ...

A student raises her hand in class and states i can legally

A student raises her hand in class and states, "I can legally copy any DVD I get from Netflix because Netflix purchased the DVD and the copyright only applies to the company who purchased the product." Explain whether th ...

Has a recent drop in airplane passengers resulted in better

Has a recent drop in airplane passengers resulted in better on time performance? Before the recent downturn, one airline bragged that 92% of its flights were on time. A random sample of 165 flights completed this year re ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert