1.16. For each of the following goods, state whether it is a normal good, a luxury, a...

Question:

1.16. For each of the following goods, state whether it is a normal good, a luxury, a necessity, or an inferior good. Explain your answers. (LO6-4)

a. Vodka.

d. Perfume.

b. Table salt.

e. Beer.

c. Furniture.

f. Sugar.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Economics

ISBN: 9781259193156

10th Edition

Authors: David Colander

See More Books

Question Posted: Oct 16, 2024 02:01 AM

See More Questions

Which of the following is NOT a factor to be considered in determining a limited-life intangible assets useful life? The expected useful life of any related asset All of the other answers are correct...
Illustrate the procedures for presenting and disclosing contingent liabilities in the accounting records. What are contingent liabilities ? When do these liabilities need to be recorded in the...
What would be the technical classification of the following turbo machines?
1.16. For each of the following goods, state whether it is a normal good, a luxury, a necessity, or an inferior good. Explain your answers. (LO6-4) a. Vodka. d. Perfume. b. Table salt. e. Beer. c....
Profits might be compared with sales, assets, or stockholders equity. Why might all three bases be used? Will trends in these ratios always move in the same direction?
Hina had recharged her mobile network with an available pack, which has certain days of validity. She needs to calculate the date for her next recharge to keep a remainder for herself. Help her by...
1.15. Which of the following producers would you expect to support a tax on beer? Which would not? Explain your answer. (LO6-4) a. Producers of hard liquor. Cross-price elasticity with beer: 0.11. b....
1.17. For each of the following pairs of goods, state whether the cross-price elasticity is likely positive, negative, or zero. Explain your answers. (LO6-4) a. Lettuce, carrots. b. Housing,...
Why does a DRAM have fewer pins (1/0 connections) than a static RAM of the same size (i.e., capacity in bits)?
Facts: Hunter Nash, is an independent journalist with a popular blog and YouTube channel. While live-streaming a large political protest in O'Fallon, Missouri, Nash was caught up in a "kettling"...
Case #4: Juanita Carlos(Adapted from Morrison, 1995) One of Juanita Carlos's earliest memories was of when she was four years old, sitting on her grandfather's lap. She would rest her head against...
Marcus Xavier noticed that many small rural towns did not have retail sporting goods outlets. To address this need, Marcus created Xavier Sporting Goods. The business experienced the following events...
what sentences are both capitalized and punctuation 9. In which of the following sentences are both the capitalization and punctuation correct? 10 points A. Mr. Chan is one of several science ...
What would be the annualized return to an investor who purchases a one-year $10,000 T-bill for $9,600 and sells it on the secondary market 90 days after the purchase for $9,750? (Round to the nearest...
While in motion, a pitched baseball carries kinetic energy and momentum. (a) Can we say that it carries a force that it can exert on any object it strikes? (b) Can the baseball deliver more kinetic...
Calculate the change in entropy when 100 kJ of energy is transferred reversibly and isothermally as heat to a large block of copper at (i) 0 C, (ii) 50 C.

1.16. For each of the following goods, state whether it is a normal good, a luxury, a...

Question:

Step by Step Answer:

Economics

Students also viewed these Business questions