State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted) a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product. b) In case of luxury products, the own price elasticity of demand is greater than one. c) If salaries of journalist go up then demand curve of newspaper will shift upward.
State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted) a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product. b) In case of luxury products, the own price elasticity of demand is greater than one. c) If salaries of journalist go up then demand curve of newspaper will shift upward.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 13PAE
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State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted)
a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product.
b) In case of luxury products, the own price elasticity of demand is greater than one.
c) If salaries of journalist go up then demand curve of newspaper will shift upward.
d) When price elasticity of supply is greater than one it means supply curve is flatter.
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