29. Which of the following statements is consister the following table? Good A B Price Elasticity of Demand 1.3 2.1 a. A is a luxury and B is a necessity. b. A is a good several years after a price increase, and B is that same go few days after the price increase. c. A is a Kit Kat bar and B is candy. d. A has fewer substitutes than B.

29. Which of the following statements is consister the following table? Good A B Price Elasticity of Demand 1.3 2.1 a. A is a luxury and B is a necessity. b. A is a good several years after a price increase, and B is that same go few days after the price increase. c. A is a Kit Kat bar and B is candy. d. A has fewer substitutes than B.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

29. Which of the following statements is consistent with the elasticities given in
the following table?
Good
A
B
Price Elasticity of
Demand
1.3
2.1
a. A is a luxury and B is a necessity.
b. A is a good several years after a price increase, and B is that same goo
few days after the price increase.
c. A is a Kit Kat bar and B is candy.
d. A has fewer substitutes than B.

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