When the price of corn was low consumers in the united

Assignment Help Microeconomics
Reference no: EM13377719

When the price of corn was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price halved, consumer expenditures actually decreased to $1 billion annually. This indicates that:

A the demand for corn is elastic

B the demand curve for corn is upward sloping

C corn is a Giffen good

D the demand for corn is inlastic

Reference no: EM13377719

Questions Cloud

Nbsp1nbspnbspnbspnbspnbspnbspnbspnbsp suppose that a : nbsp1.nbspnbspnbspnbspnbspnbspnbspnbsp suppose that a nations production possibilities are as follows possibilitiesfood
In 1982 nominal gdp decreased by 2 while real gdp increased : in 1982 nominal gdp decreased by 2 while real gdp increased 4. what explains the difference between nominal gdp and
Please show a breakdown analysisa study has estimated the : please show a breakdown analysisa study has estimated the effect of changes in interest rates and consumer confidence
When the price of sugar was low consumers in the united : when the price of sugar was low consumers in the united states spent a total of 1 billion annually on its consumption.
When the price of corn was low consumers in the united : when the price of corn was low consumers in the united states spent a total of 3 billion annually on its consumption.
Ae the various exchange-rate systems floating : analyze the various exchange-rate systems floating managed floating adjustable pegged and crawling pegged and
Recent increases in rents have caused the citizens of : recent increases in rents have caused the citizens of elmville to vote for a rent ceiling of 1200. assuming all rental
Cinema theater has estimated the following demand functions : cinema theater has estimated the following demand functions for its moviesdaytime demand qd 400 - 50 pd nighttime
Given the current economic situation determione the steps : given the current economic situation determione the steps the federal reserve should take to help stabilize our

Reviews

Write a Review

Microeconomics Questions & Answers

  Discuss a firms objective relative to its economic cost

Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit.

  Clean up waste of your homes

People are more likely to clean up waste in their homes than at a community park because people expect the community park to be dirty.

  What are the equilibrium rent and number of rooms?

What are the equilibrium rent and number of rooms? If the college puts a rent ceiling on rooms of $650 a month, what is the rent and how many rooms are rented?

  What is the cost in bottles of beer of a slice of pizza

Last Friday night, Rich went to a tavern to buy pizza and bottles of beer. He noticed that four pieces of pizza and two bottles of beer cost the same as two pieces of pizza and eight bottles of beer. What is the cost, in bottles of beer, of a slic..

  Economists have observed that spending on restaurant meals

Economists have observed that spending on restaurant meals declines more during economic downturns than does spending on food to be eaten at home. How might the concept of elasticity help to explain this phenomenon?

  Solution to the fundamental economic problem

Explain the effects of the new factory on the items below. Then place the number of each item on the circular-flow diagram to show whether the activity takes place in the product market or resource market

  Marginal revenue and marginal costs

What is true about the relationship between marginal revenue and marginal costs when profit is the greatest?

  Why is the production possibility frontier bowed outwards

What output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?

  Who is part of the economic system

Two of the major macroeconomic measures that tell us how 'healthy' the economy is are "the unemployment Rate" and "the rate of Inflation". How do they matter to you as an individual who is part of this economic system

  Would a lump sum subsidy achieve the governments goal

Assume that a profit maximizing monopolist faces an inverse demand function given by p(), and a total cost given by c(y). Suppose the government wishes to combat the undesirable allocational effects of a monopoly

  If we compare the betas of various investment opportunities

If we compare the betas of various investment opportunities, why do the assets that have higher betas also have higher average expected rates of return?

  What will happen to the quality and future availability

What is the difference between a price ceiling and a price floor? What will happen if a price ceiling is imposed below the market equilibrium? If a price ceiling for a good is set below the market equilibrium

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd