33. You are told that the income.elasticity for CDs is19. This means that : a A 10 percent increase in income produces a 15 percent inerease in consumption of CDs. EDsare a normal luxurygood. b. A 10 percent increase in income produces a 15 percent inèrease in consumption of CDs. CDs are an. inferior good. c. A 10 percent increase in income produces a 15 percent decrease in consumption of CDs. CDs are an inferior good. d. A 10 perçent increase in the price of CDs produces a 15 percent decrease in consumption of CDs. CDs are a price elastic good.

33. You are told that the income.elasticity for CDs is19. This means that : a A 10 percent increase in income produces a 15 percent inerease in consumption of CDs. EDsare a normal luxurygood. b. A 10 percent increase in income produces a 15 percent inèrease in consumption of CDs. CDs are an. inferior good. c. A 10 percent increase in income produces a 15 percent decrease in consumption of CDs. CDs are an inferior good. d. A 10 perçent increase in the price of CDs produces a 15 percent decrease in consumption of CDs. CDs are a price elastic good.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 2PA

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