A person is demoted at work because of bad performance and his income falls from taka 30,000 monthly to taka 20,000 monthly. As a result, he starts to buy fewer chickens and more potatoes for his meals. What type of a good is a potato? Answer in one word. What type of a good is a chicken? Answer in one word. Due to the fall in income, the quantity demanded for chicken falls from 20 per week to 12 per week. Is the YED of chicken elastic or inelastic? Answer in one word.
A person is demoted at work because of bad performance and his income falls from taka 30,000 monthly to taka 20,000 monthly. As a result, he starts to buy fewer chickens and more potatoes for his meals. What type of a good is a potato? Answer in one word. What type of a good is a chicken? Answer in one word. Due to the fall in income, the quantity demanded for chicken falls from 20 per week to 12 per week. Is the YED of chicken elastic or inelastic? Answer in one word.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...
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