ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Normal and Inferior Goods
Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.
Question

Income of a person is 8000 and he uses 60 units of a commodity. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%

 

Calculate   

  • 1. New income   
  • 2. New consumption   
  • 3. Income elasticity
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