18.)Which of the following price elasticities of demand would be considered inelastic? а.) 3 b.) 2 с.) 1 d.) ½ 19.) Which of the following goods is most likely to have a negative cross price elasticity of demand with ice cream? a.) Waffle cones b.) Water ice с.) Вeer d.) Pretzels 20.)Suppose that the price of sticky hands is $2.00 and the price of gumballs is $1.00. What is the relative price of gumballs? a.) 4 b.) ½ c.) 2 d.) 1

18.)Which of the following price elasticities of demand would be considered inelastic? а.) 3 b.) 2 с.) 1 d.) ½ 19.) Which of the following goods is most likely to have a negative cross price elasticity of demand with ice cream? a.) Waffle cones b.) Water ice с.) Вeer d.) Pretzels 20.)Suppose that the price of sticky hands is $2.00 and the price of gumballs is $1.00. What is the relative price of gumballs? a.) 4 b.) ½ c.) 2 d.) 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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