# Suppose the income elasticity of demand for toys is +2.00

###### Question:

suppose the income elasticity of demand for toys is +2.00. this means that a. a 10 percent increase in income will increase the purchase of toys by 20 percent b. a 10 percent increase in income will increase the purchase of toys by 2 percent c. a 10 percent increase in income will decrease the purchase of toys by 2 percent d. toys are an inferior good.

#### Similar Solved Questions

##### 1. Use the Laplace transform to convert the following differential equation into s-space and then solve...
1. Use the Laplace transform to convert the following differential equation into s-space and then solve for Y(s): vy(t) +14y(t) = sin(3) + cos(54) (1) 2. Use the Laplace transform to convert the following differential equation into s-space and then solve for Y(s): "(t) + 3y(t) = 2)...
##### Question 2 (7.5 marks total) You need a new roof on your old home. You employ...
Question 2 (7.5 marks total) You need a new roof on your old home. You employ William, the owner of a sole trader roofing business, to do the job. Although William's quote was the lowest you received, you picked him because he was highly recommended by several friends. You were sure the low quot...
##### A) Give a general expression for the work done by two forces acting on an object...
A) Give a general expression for the work done by two forces acting on an object (F1 and F2 vectors) as it moves along a trajectory. F1 is conservative, and F2 is dissipative. Your expression should include terms of kinetic and potential energies, if any, indexed during the forces. B) Define the Tot...
##### 4. Given a function f(x), use Taylor approximations to derive a second order one-sided ap- proximation to f'(ro...
4. Given a function f(x), use Taylor approximations to derive a second order one-sided ap- proximation to f'(ro) is given by f(zo + h) + cf (zo + 21) + 0(h2). f' (zo) = af(xo) + What is the precise form of the error term? Using the formula approximate f' (1) where r) = e* for h 1/(2p) fo...
##### What is at the center of the atom and contains protons and neutrons?
What is at the center of the atom and contains protons and neutrons?...
##### How to find the integral of 1/cosx?
How to find the integral of 1/cosx?...
##### Similar to 7-14 Electrocomp Corporation manufactures two electrical product ir tu The assembly process for each...
Similar to 7-14 Electrocomp Corporation manufactures two electrical product ir tu The assembly process for each is similar in that both require a certain amount of wiring fans. and drilling Each air conditioner takes 6 hours of wiring and 2 hours of drilling. Each fan must so through 2 hours of wiri...
##### I just need the "% materials" and "EUP - materials" for Units to complete beginning goods...
i just need the "% materials" and "EUP - materials" for Units to complete beginning goods in process. and also the "cost per EUP" for direct materials in "cost to complete beginning goods in process". ive tried \$11, but that was wrong We were unable to transcribe this...
##### GNP vs GDP (a) Provide deÖnitions of GNP and GDP (b) What are the differences between...
GNP vs GDP (a) Provide deÖnitions of GNP and GDP (b) What are the differences between the two concepts? (c) Do wages earned in US by Canadian residents count towards GNP? How about GDP...