ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2014 Exam2D

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31 Jan 2019
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Econ 2100 (summer 2014 sections 08 & 09) ________________ refers to a measure of the benefit realized by a buyer from making a purchase, defined as the difference between the buyer"s reservation price for the item and the price paid for the item. Which of the following observations would support a claim that good x" is a substitute for. The cross price elasticity of demand for good x" with respect to the price of good. The price elasticity of demand for good x" ( 1. 53) is more negative than the price. The price elasticity of demand for good x" ( 0. 97) is less negative than the price. The value of the slope of the demand curve increases (i. e. , gets closer to zero) as one moves down the demand curve. The value of price elasticity of demand is the same at every point along the demand curve.

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