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True or false with explanation please. 1.All ordinary goods are also normal goods. 2. If demand is elastic at the current quantity sold, then an
True or false with explanation please.
1.All ordinary goods are also normal goods.
2. If demand is elastic at the current quantity sold, then an increase in quantity sold will result in an increase in total revenue.
3. A quantitysubsidyof $1 per unit sold in a market would result in an increase in the equilibrium quantity bought/sold.
4. The substitution e ect of a price change always makes the consumer increase their quantity demanded.
5. The production functiony=x1=3x3=4has increasing returns to scale for any positivex121
andx2.
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