题目
ECC2000 - ECC5900 - S2 2025 ECC2000/5900 Mid-Semester Test - Quiz - NO SAFE EXAM BROWSWER NEEDED - 8 September 2025, opens 2pm (Melbourne, Australian time) duplicate
数值题
A consumer's demand function for good x is given by the formulawhere M is income and p is the good's price. What is the consumer's income elasticity of demand?
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思路分析
We start by identifying the given demand function and the variables: X = M p^(-0.7), where M is income and p is the price of good x.
First, compute the marginal effect of income on quantity demanded, holding price constant: dX/dM. Since ......Login to view full explanation登录即可查看完整答案
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类似问题
Two complements , shoes and socks will have a negative value of income elasticity of demand.
(a) Jim has $10,000 to deposit. Bank Altos offers 1.5 per cent interest compounded annually, while Bank Santos offer 1.25 per cent interest compounded monthly. (i) Determine the future value of investing $10,000 in Bank Altos after 4 years. [2 marks] (ii) Determine the present value of investing $10,000 in Bank Santos over 4 years. [1 mark] (iii) Which bank should Jim choose if Jim wants the highest return after 4 years? [2 marks] (b) Consider the demand function where Q is quantity demanded, P is price, and I is income. (i) Compute partial income elasticity of demand. [2 marks] (ii) Interpret partial income elasticity of demand obtained in part (i). [1 mark][Fill in the blank]
(a) Jim has $10,000 to deposit. Bank Altos offers 1.5 per cent interest compounded annually, while Bank Santos offer 1.25 per cent interest compounded monthly. (i) Determine the future value of investing $10,000 in Bank Altos after 4 years. [2 marks] (ii) Determine the present value of investing $10,000 in Bank Santos over 4 years. [1 mark] (iii) Which bank should Jim choose if Jim wants the highest return after 4 years? [2 marks] (b) Consider the demand function where Q is quantity demanded, P is price, and I is income. (i) Compute partial income elasticity of demand. [2 marks] (ii) Interpret partial income elasticity of demand obtained in part (i). [1 mark][Fill in the blank]
Part 1When income increases by 55 percent and all prices remain the same, the quantity of smartphones demanded increases by 1010 percent. Calculate the income elasticity of demand of smartphones. Part 1The income elasticity of demand of smartphones is [input]enter your response here . >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign.
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