If The Income Elasticity Is Negative 3 5 Is This A Substitute Complement Normal

If the income elasticity is negative 3.5, is this a substitute, complement, normal or an inferior good? Is this elastic or inelastic? (Use absolute values for the second part of the question.)

If the cross-price elasticity is negative 0.5, is this a substitute, complement, normal or an inferior good? Is this elastic or inelastic? (Use absolute values to answer the second part of the question.)

Which type of utility uses “utils,” and which type of utility uses “indifference curves”? Answer with respect to ordinal utility and cardinal utility.

What are two properties of indifference curves?

What is the difference between accounting profits and economic profits? Answer with respect to explicit costs and implicit costs.

What are two conditions of “perfect competition?”

What is the difference between the “short run” and the “long run” in economics, with respect to fixed costs and variable costs?

Prof. Angela

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