If the income elasticity of demand for good Y is -0.3 and the percentage change in its quantity demanded is 9%, then the percentage change in price is: a. (- 30 %) and good y is inferior b. 45 % and good y is normal c. (- 45 %) and good y is inferior d. 30 %, and good y is normal
If the income elasticity of demand for good Y is -0.3 and the percentage change in its quantity demanded is 9%, then the percentage change in price is: a. (- 30 %) and good y is inferior b. 45 % and good y is normal c. (- 45 %) and good y is inferior d. 30 %, and good y is normal
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 3SQP
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If the income
a. (- 30 %) and good y is inferior
b. 45 % and good y is normal
c. (- 45 %) and good y is inferior
d. 30 %, and good y is normal
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