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24 Feb 2018
36. Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. What is the income elasticity of demand for the good, and what type of good is it? a negative, and therefore the good is an inferior good b. negative, and therefore the good is a normal good c. positive, and therefore the good is a normal good d. positive, and therefore the good is an inferior good
36. Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. What is the income elasticity of demand for the good, and what type of good is it? a negative, and therefore the good is an inferior good b. negative, and therefore the good is a normal good c. positive, and therefore the good is a normal good d. positive, and therefore the good is an inferior good
Jean KeelingLv2
25 Feb 2018
