A person with a diminishing marginal utility of income:
We know that the demand for a product is elastic if:
If consumer incomes increase, the demand for product Y:
Due to capacity constraints, the price elasticity of supply for most products is:
An indifference curve is:
If a sales tax on beer leads to reduced tax revenue, this means:
The numerical measurement of a consumer's preference is called:
It is expected that the sign of cross elasticity between two complementary goods would be:
It is expected that the sign of cross elasticity between two substitute goods would be:
A Demand Curve is price inelastic when: