The income elasticity is +2 and income increases by 20% sales were 5000 units, what will they be now ?

Related Mcqs:

If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?

A. -4 B. 0.25 C. 4 D. -0.25...

An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is ?

A. +2 B. +0.5 C. -2 D. -0.5...

Profits are maximized when ?

A. costs are minimized B. revenue is maximized C. average cost is less than average revenue D. marginal cost equals marginal revenue...

If a 4% increase in price leads to a increase in the quantity supplied of 8% ?

A. Supply is price elastic B. Supply is income elastic C. Price elasticity of demand is -2 D. Price elasticity of supply is -2...

The extra utility from consuming one more unit of a good is called ?

A. Marginal utility B. Additional utility C. Surplus utility D. Bonus utility...