Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 10.6, Problem 1QQ
To determine
Changes in price of goods.
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A change in which of the following will not shift the demand curve for hamburgers? Price of hot dogs , price of hamburgers, price of hamburger buns or the income of hamburger consumer?
Q.3 If a product has many substitutes, which of the following statements is correct?
Select one:
a.It is likely that its cross price elasticity is close to -3.
b. It is likely that it is a normal good.
c. It is likely that its supply elasticity is low.
d. It is likely that its price elasticity of demand is very low.
e. None of the above.

Select one:
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b. an increase in the price of sugar used to make Dr. Pepper
c. an increase in the price of Dr. Pepper
d. an increase in income, assuming that Dr. Pepper is a normal good
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