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11 Dec 2019
When a 5% increase in income causes a 3% drop in quantity demanded of a good.
- the income elasticity is -1.67% and the good is a normal good.
- the income elasticity is -.6% and the good is an inferior good.
- the cross-price elasticity is -.6% and the good is an inferior good.
When a 5% increase in income causes a 3% drop in quantity demanded of a good.
- the income elasticity is -1.67% and the good is a normal good.
- the income elasticity is -.6% and the good is an inferior good.
- the cross-price elasticity is -.6% and the good is an inferior good.
Richa AroraLv10
2 Sep 2020