Q.1.12 If the income elasticity of demand for a good is +0,5, then this implies that this good must be a(n) (a) necessity. (b) luxury. (c) inferior good. (d) Complement. Q.1.13 If the cross elasticity of demand for two goods, A and B, is -5,0, then this implies that these goods must be (a) substitutes. (b) necessities. (c) luxuries. (d) complements.
Q.1.12 If the income elasticity of demand for a good is +0,5, then this implies that this good must be a(n) (a) necessity. (b) luxury. (c) inferior good. (d) Complement. Q.1.13 If the cross elasticity of demand for two goods, A and B, is -5,0, then this implies that these goods must be (a) substitutes. (b) necessities. (c) luxuries. (d) complements.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 16PAE
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Q.1.12 If the income
(a) necessity.
(b) luxury.
(c) inferior good.
(d) Complement.
Q.1.13 If the cross elasticity of demand for two goods, A and B, is -5,0, then this implies that these goods must be
(a) substitutes.
(b) necessities.
(c) luxuries.
(d) complements.
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