In 2022, pet food prices have risen sharply but quantity demanded has not fallen much. It makes sense that the demand for pet food would be ___________ since __________. Thus, higher prices would lead to ______ revenue for pet food producers. Inelastic; pet food is more of a luxury good; moreInelastic; people consider their pets to be necessities; moreElastic; pet food takes a small percentage of most consumer’s income; lessUnit elastic; pet food is more of a luxury item; less

The measurement of change in the quantity required of a good owing to changes in the determinants of…

Answered: In 2022, pet food prices have risen…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In 2022, pet food prices have risen sharply but quantity demanded has not fallen much. It makes sense that the demand for pet food would be ___________ since __________. Thus, higher prices would lead to ______ revenue for pet food producers.

Inelastic; pet food is more of a luxury good; more
Inelastic; people consider their pets to be necessities; more
Elastic; pet food takes a small percentage of most consumer’s income; less
Unit elastic; pet food is more of a luxury item; less

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