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If a product's income elasticity of demand is 1.7, we can conclude that

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If a product's income elasticity of demand is 1.7, we can conclude that

If a product's income elasticity of demand is 1.7, we can conclude that

▸ the product is certainly a necessity.

▸ an increase in income will lead to an increase in quantity demanded of this product by 1.7%.

▸ the product is an inferior good.

▸ an increase in income will lead to an increase in demand for the product.

▸ a decrease in income will lead to an increase in demand for the product.

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Microeconomics

Edition: 17^th

Author: Ragan

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