Neville from Your Workbook Has a Friend Named Cedric

question 30

Multiple Choice

Neville from your workbook has a friend named Cedric. Cedric has the same demand function for claret as Neville, namely q = .02m - 2p, where m is income and p is price. Cedric's income is $6,000 and he initially had to pay a price of $40 per bottle of claret. The price of claret rose to $60. The substitution effect of the price change

• A) reduced his demand by 24.
• B) reduced his demand by 40.
• C) reduced his demand by 56.
• D) increased his demand by 40.
• E) reduced his demand by 34.

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Definitions:

Loop Execute

A process in programming where a sequence of instructions is repeatedly executed until a specific condition is met.

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A Swing component in Java that allows the user to enter text data in a single line format.

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