Question 45 1 pts Table 5-5 Quantity of Good Purchased Income $30,000 $40,000 Quantity of Good Y Purchased 20 10 Refer to Table 5-5. Using the midpoint method, the income elasticity of demand for good Y is 2.33, and good Y is a normal good. -2.33, and good Y is an inferior good. 0 -0.43, and good Y is a normal good. -0.43, and good Y is an inferior good. 0 -0.43, and good Y is a surperior good. Question 46 1 pts Table 5-5 Quantity of Good Purchased Quantity of Good Y Purchased Income . $30,000 $40,000 20 6 Refer to Table 5-5. Using the midpoint method, what is the income elasticity of demand for good X? -3.5 -0.29 0.29 0 0 3.5 0 Question 47 1 pts An industry is a natural monopoly when (i)the government assists the firm in maintaining the monopoly. (ii)a single firm owns a key resource. (iii)a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms. (ii) only (iii) only O (i) and (ii) only (ii) and (iii) only 00). (ii), and (iii) Question 48 1 pts Figure 13-7 Test A B C D pratis Refer to Figure 13-7. Quantity C represents the output level where the firm maximizes profits. minimizes total costs. O produces at the efficient scale. minimizes marginal costs. minimizes average fixed costs. Question 49 1 pts Figure 13-7 1 Cost MC ATC AVC Draxtity Refer to Figure 13-7. Quantity B represents the output level where the firm maximizes profits. minimizes average variable costs. produces at the efficient scale. minimizes marginal costs, minimizes average fixed costs.

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