If There Are Only Two Goods and These Are Consumed

question 39

Multiple Choice

If there are only two goods and these are consumed in fixed proportions,the price elasticities of demand for these two goods will sum to

• A)0.0
• B)-0.5
• C)-1.0
• D)a number between 0 and -1.

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Definitions:

Objective Techniques

Methods or procedures that are based on factual and quantifiable data, used to achieve unbiased outcomes in various fields.

Cost Estimates

The projected costs associated with the manufacturing of a product, completion of a project, or provision of a service.

Accountants

Professionals responsible for maintaining and interpreting financial records.

Task Analysis

A systematic process of breaking down a job into its component tasks in order to identify how it can be done effectively.