An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (2)
In this scenario, approximately 2.81 × 1 0 21 electrons flow through the electric device. This is calculated by determining the total charge from current and time, then converting that charge to the number of electrons. The charge of one electron is approximately 1.6 × 1 0 − 19 C .
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Classify Clubs as a normal good because its income elasticity of demand is 0.2, which is positive.
Classify Aces as an inferior good because its income elasticity of demand is -1.7, which is negative.
Classify Kings as a normal good because its income elasticity of demand is 3.4, which is positive.
Identify Kings as the most likely luxury good because its income elasticity of demand (3.4) is greater than 1 and higher than that of Clubs.
The final answer is Kings.
Explanation
Understanding the Problem We are given the income elasticities of demand for three goods: Clubs, Aces, and Kings. We need to classify each good as either a normal good or an inferior good based on its income elasticity. We also need to determine which of the three goods is most likely to be classified as a luxury good.
Key Concepts A normal good is a good for which demand increases as income increases (positive income elasticity of demand). An inferior good is a good for which demand decreases as income increases (negative income elasticity of demand). A luxury good is a normal good with an income elasticity of demand greater than 1.
Classifying Clubs The income elasticity of demand for Clubs is 0.2, which is positive. Therefore, Clubs is a normal good.
Classifying Aces The income elasticity of demand for Aces is -1.7, which is negative. Therefore, Aces is an inferior good.
Classifying Kings The income elasticity of demand for Kings is 3.4, which is positive. Therefore, Kings is a normal good.
Identifying the Luxury Good To determine which good is most likely to be a luxury good, we look for the normal good with the highest income elasticity of demand that is also greater than 1. Between Clubs (0.2) and Kings (3.4), Kings has the higher income elasticity of demand, and it is greater than 1. Therefore, Kings is most likely to be classified as a luxury good.
Final Answer Therefore, Clubs is a normal good, Aces is an inferior good, Kings is a normal good, and Kings is most likely to be classified as a luxury good.
Examples
Understanding income elasticity helps businesses predict how changes in the economy will affect the demand for their products. For example, a car manufacturer might use income elasticity to estimate how sales of luxury cars will change during an economic boom versus a recession. Similarly, a discount grocery store might use income elasticity to predict how demand for their products will change as people's incomes fluctuate. This understanding allows businesses to adjust their production and marketing strategies accordingly, maximizing profits and minimizing losses.
