Suppose and the Price of X Is 1,the Price

question 54

Multiple Choice

Suppose and the price of X is 1,the price of Y is 1 and income is $12.If the price of X increases to 2,the income effect (in terms of units of X bought) is

• A) 2
• B) -1
• C) 0
• D) -2

---

Definitions:

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization, focusing on managing processes that convert inputs into outputs.

Enterprise

A business or company, especially one that's large and complex, engaged in commercial or professional activities.

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.

Marketing Function

The role within a company involved with identifying and meeting the needs and wants of customers through product development, pricing, promotion, and distribution.