DrSocial Science Has Recently Figured Out How to Clone Consumers

question 54

Multiple Choice

Dr.Social Science has recently figured out how to clone consumers.His first effort was done on the population of Walla, Washington.Each original citizen got a clone who had exactly the same income and preferences.Which of the following statements describes what happened to the demand function for tuna-fish casseroles in Walla?

• A)The elasticity doubled and the slope remained constant.
• B)The elasticity did not change at any price.
• C)The elasticity of demand doubled and the slope doubled.
• D)The elasticity halved and the slope remained constant.
• E)none of the above.

Understand the differences between crowdfunding and crowdsourcing.

Identify the leading global crowdfunding platforms and their characteristics.

Recognize common challenges and delays in crowdfunded projects.

Comprehend the importance of preparation and planning in crowdfunding success.

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Definitions:

Marginal Propensity to Consume

The proportion of an increase in income that an individual or population spends on goods and services as opposed to saving.

MPC

Stands for Marginal Propensity to Consume, which measures the portion of additional income that an individual spends on consumption.

Multiplier Value

A factor that quantifies the impact of a change in some economic activity on the rest of the economy.

MPC (Marginal Propensity to Consume)

A measure of the change in consumption resulting from a change in income; specifically, the proportion of additional income that is spent on consumption.