The quantity of tea bought decreased

Assignment Help Business Economics

Reference no: EM131088787

The quantity of tea bought decreased by 20 percent when the price of coffee declined by 10 percent. Assuming other factors are held constant, coffee and tea are classified as:

a. complements

b. substitutes

c. social goods

d. normal goods .

e. inferior goods

f. none of the above

Reference no: EM131088787

Questions Cloud

Supply curve for fire extinguishers slopes upward : The demand curve for fire extinguisher slopes downward and supply curve for fire extinguishers slopes upward. The production of the 500 fire extinguisher entails the following, a private cost$10,an external cost of $0, a private value of $9, an exter..

Least likely to reduce fertility : Which of the following is the LEAST likely to REDUCE fertility?

Discounted cash flow approach-what is the cost of equity : The earnings dividends, and stock price of Shelby Inc. are expected to grow Using the discounted cash flow approach, what is the cost of equity? The earnings dividends, and stock price of Shelby Inc. are expected to grow a. Using the discounted cash ..

Develop a statistical software package : You are a pricing analyst for QuantCrunch Corporation, a company that recently spent $15,000 to develop a statistical software package. To date, you only have one client. A recent internal study revealed that this client's demand for your software is..

The quantity of tea bought decreased : The quantity of tea bought decreased by 20 percent when the price of coffee declined by 10 percent. Assuming other factors are held constant, coffee and tea are classified as:

Differences in elasticity of demand or seller market power : A firm's efforts to increase profit by price discrimination can be undermined by arbitrage by buyers, consumer ignorance, differences in elasticity of demand, or seller market power?

Find proposed regulation relating to health care : U.S. Federal government agencies generally publish proposed regulations before the implement them. They are published in the Federal Register. Can you find a proposed regulation relating to health care and discuss what the purpose and policy of that ..

Using the factor endowment theory : Using the factor endowment theory or the Porter’s model, list 3 sources of comparative advantage for one BRIC country. How would the US fare on each of the sources you selected? China.

Globalization impacts virtually every industry : Globalization impacts virtually every industry. Select 3 industries and list for each a couple of ways in which they are impacted by globalization?

User Account

All Pages