willingness to replace a costly item with a less costly item is an example of the substitution effect. complements. demand elasticity. the income effect. Products Gasoline from Services of Fresh a particular Gasoline medical Butter tomatoes station in general doctors Can purchase be delayed? yes yes no no yes Are adequate substitutes yes yes no no yes available? Does purchase use a large no yes yes yes no portion of income? 10. Which products shown in the table are likely to have inelastic demand? fresh tomatoes, gasoline from a particular station, butter gasoline in general, services of medical doctors gasoline from a particular station, gasoline in general, butter fresh tomatoes, gasoline in general, butter 11. Which products shown in the table are likely to have elastic demand? gasoline from a particular station, gasoline in general, butter gasoline in general, services of medical doctors tomatoes, gasoline from a particular station, butter fresh tomatoes, gasoline in general, butter most products and services, increased results in demand for fewer products. increased demand for complements. demand for more products. reduced demand for substitutes. 13. According to this demand how many movie videos will be demanded at a price of $10? 1000 600 800 400 14. According to this demand curve, if the price of movie videos increases from $14 to $16, the quantity demanded will fall from 400 to 200. rise from 400 to 600. rise from 200 to 400. fall from 600 to 400.
willingness to replace a costly item with a less costly item is an example of the substitution effect. complements. demand elasticity. the income effect. Products Fresh tomatoes Gasoline from a particular station Gasoline in general Services of medical doctors Butter Can purchase be delayed? yes yes no no yes Are adequate substitutes available? yes yes no no yes Does purchase use a large portion of income? no yes yes yes no 10. Which products shown in the table are likely to have inelastic demand? fresh tomatoes, gasoline from a particular station, butter gasoline in general, services of medical doctors gasoline from a particular station, gasoline in general, butter fresh tomatoes, gasoline in general, butter 11. Which products shown in the table are likely to have elastic demand? gasoline from a particular station, gasoline in general, butter gasoline in general, services of medical doctors tomatoes, gasoline from a particular station, butter fresh tomatoes, gasoline in general, butter most products and services, increased results in demand for fewer products. increased demand for complements. demand for more products. reduced demand for substitutes. 13. According to this demand how many movie videos will be demanded at a price of $10? 1000 600 800 400 14. According to this demand curve, if the price of movie videos increases from $14 to $16, the quantity demanded will fall from 400 to 200. rise from 400 to 600. rise from 200 to 400. fall from 600 to 400.