答案和详解如下： 11.If a 10 percent income increase caused a group of consumers to increase their purchases of television sets from 95 to 105, the group's income elasticity of demand for television sets would be closest to: A) 1.00. B) 0.10. C) 0.83. D) 2.00. The correct answer was A) Income elasticity is the sensitivity of demand to changes in consumer income.
Income elasticity = (percent change in quantity demanded) / (percent change in income) = [(105 - 95) / (100)] / 0.10 = 1 12.The percent change in demand for a good divided by the percent change in the price of an other good is known as the: A) income elasticity of demand. B) cross elasticity of demand. C) price elasticity of supply. D) price elasticity of demand. The correct answer was B) 13.Assume that Rajesh Singh’s income increased from $20,000 per year to $30,000 per year, and his demand for “store-brand” bread decreased from 80 loaves to 40 loaves per year. Which of the following most accurately describes Singh’s income elasticity for store-brand bread? A) Income elasticity is +1.00 and store-brand bread is a complimentary good. B) Income elasticity is -0.60 and store-brand bread is an inferior good. C) Income elasticity is +0.60 and store-brand bread is a normal good. D) Income elasticity is -1.67 and store-brand bread is an inferior good. The correct answer was D) Average income is ($20,000 + $30,000) / 2 = $25,000, so the percentage change in income is ($30,000 – $20,000) / $25,000 = 40.00%. The average quantity of bread demanded is (80 + 40) / 2 = 60 loaves, so the percentage change in the quantity of bread demanded is (40 – 80) / 60 = -66.67%. Income elasticity of store-brand bread is -66.67/40 = -1.67. Since Singh’s income elasticity of demand is negative, store-brand bread is an inferior good. 14.When household incomes go down and the quantity of a product demanded goes up, the product is: A) an inferior good. B) a necessity. C) a luxury good. D) a normal good. The correct answer was A) When household incomes go down and the quantity demanded of a product goes up, the product is an inferior good. Inferior goods include things like bus travel and margarine. 15.Income elasticity is defined as the: A) percentage change in income divided by the percentage change in the quantity demanded. B) change in quantity demanded divided by the change in income. C) percentage change in the quantity demanded divided by the percentage change in income. D) change in income divided by the percentage change in the quantity demanded. The correct answer was C) Income elasticity is defined as the percentage change in quantity demanded divided by the percentage change in income. Normal goods have positive values for income elasticity and inferior goods have negative income elasticities. | 
发表于 2008-4-4 16:34
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