Question
5. The cross elasticity of demand between Product M and Product N is positive. What is the correct description of both Product M and Product
5. The cross elasticity of demand between Product M and Product N is positive.
What is the correct description of both Product M and Product N ?
A. Complementary goods
B. Veblen goods
C. Giffen goods
D. Substitute goods
6. Termina plc operates a large shop which is situated within a busy shopping centre run by Ittily plc. Termina plcs researcher is gathering data to analyse football (who comes into the shop and what they do there). The researcher has collected data on:
(1). the number and value of transactions, from the shops computerised tills
(2). the type (eg age and gender) and grouping (eg alone or in families) of individuals in the shopping centre, by viewing video images from Ittily plcs CCTV
(3). the number and timing of individuals entering the shopping centre, from Ittily plcs sensors at the entrance
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