Assume the Price Elasticity of Demand for Tobacco Is 0

question 296

Essay

Assume the price elasticity of demand for tobacco is 0.5 and the income elasticity of demand for tobacco is 0.4.Then:
A.an increase in the price of tobacco will decrease total revenue from sales of tobacco.
B.a 20% increase in the price of tobacco will decrease the quantity demanded of tobacco by 8%.
C.tobacco is an inferior good.
D.a 50% increase in income will increase the quantity demanded of tobacco by 20%.

Describe the process and effects of emancipation on a minor’s legal capacity.

Recognize legal remedies available to parties when a contract is disaffirmed due to incapacity.

Identify the conditions under which a contract made by a minor can be ratified or must be disaffirmed.

Understand the role and implications of a court-adjudicated mental incompetency on contract formation and enforcement.

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Definitions:

Organizational Layers

The levels of management in an organization.