If the quantity demanded from good X has increased from 40 to 50 units as a result of the increase in the consumer income from OR 400 to 500, the income elasticity of demand for good X is: Select one: a. 1, and the good is normal b. 1, and demand is unitary elastic c. 0.1, and demand is elastic d. 0.1, and the good is inferior
If the quantity demanded from good X has increased from 40 to 50 units as a result of the increase in the consumer income from OR 400 to 500, the income elasticity of demand for good X is: Select one: a. 1, and the good is normal b. 1, and demand is unitary elastic c. 0.1, and demand is elastic d. 0.1, and the good is inferior
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
ChapterP2: Microeconomics Fundamentals
Section: Chapter Questions
Problem 9KC: Suppose Good Foods supermarket raises the price of its steak and finds that its total revenue from...
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If the quantity demanded from good X has increased from 40 to 50 units as a result of the increase in the consumer income from OR 400 to 500, the income elasticity of demand for good X is:
Select one:
a. 1, and the good is normal
b. 1, and demand is unitary elastic
c. 0.1, and demand is elastic
d. 0.1, and the good is inferior
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