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If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, ...

violin13

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If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, ...

Question 1.

If a 5 percent increase in income leads to a 10 percent increase in quantity demanded for airline travel, then airline travel is

• a necessity.

• a substitute for another good.

• a luxury.

• an inferior good.

Question 2.

If a 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a product, this product is

• an income elastic good.

• an inferior good.

• a necessity.

• a luxury good.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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shamanie

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5 years ago

More solutions for this book are available here

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violin13 Author

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5 years ago

Correct

derya1234

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Yesterday

Thank you, thank you, thank you!

gage

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2 hours ago

Thanks for your help!!

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