Examlex
When a force F stretches a rope of mass per unit length ρ , the velocity of a wave in the rope is given by You pull on a rope with a certain force, and a wave travels in the rope with a certain velocity. If you double your force, the velocity of a wave in the rope is now ____________ the original velocity.
Income Elasticities
Income elasticities measure how the quantity demanded of a good changes in response to a change in consumers' income.
Normal Goods
Goods for which demand increases as consumer income rises, and decreases as consumer income falls.
Inferior Goods
Goods for which demand decreases as consumer income rises, in contrast to normal goods, where demand increases with higher incomes.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.
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