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why does personal matter trip/travel has a high transport cost elasticity?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 21SQ: If bus travel is an inferior good, its income elasticity of demand is a. strictly greater than 1. b....

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If bus travel is an inferior good, its income elasticity of demand is a. strictly greater than 1. b. positive. c. equal to zero. d. negative.
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