Substitute is new car if income

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Reference no: EM138659

Q1. Explain why does production ultimately experience diminishing marginal returns to labor in the short run?

Q2. What will happen to price of old car taken as an inferior goods whose substitute is new car if income of the people rises?

Q3. Using the midpoint method, when income equals $5,000, what is the price elasticity of demand between $8 and $12?

Reference no: EM138659

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