Homework answers / question archive / 1) Among the following groups- senior executives, junior executives, and students - which is the most likely to have the most and the least price elastic demand for membership in the Association of Business Professionals? 2) For the Grinch, a three percent increase in the price of ham leads to a two percent increase the quantity of green eggs he consumes

1) Among the following groups- senior executives, junior executives, and students - which is the most likely to have the most and the least price elastic demand for membership in the Association of Business Professionals? 2) For the Grinch, a three percent increase in the price of ham leads to a two percent increase the quantity of green eggs he consumes

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1) Among the following groups- senior executives, junior executives, and students - which is the most likely to have the most and the least price elastic demand for membership in the Association of Business Professionals?

2) For the Grinch, a three percent increase in the price of ham leads to a two percent increase the quantity of green eggs he consumes.

a) Are green eggs and ham substitutes or complements?

b) Explain to me in words what happens when the price of ham goes up?

c) What about the price of green eggs?

3) Sam's income demand elasticity of ham is 1.4 and his income elasticity of demand for green eggs is -0.05.

a) Which good is normal and which is inferior?

b) Explain to me in words what happens to consumption when income increases?