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jujubee600 jujubee600
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5 years ago

Question 1.

If the quantity demanded for a good rises as income rises then the income elasticity of demand for this good is ________ than 0, and the good is ________ good.

• greater; an inferior

• less; a normal

• less; an inferior

• greater; a normal

Question 2.

Demand for a luxury item, such as a yacht, is likely to be

• both income inelastic and price inelastic.

• both income elastic and price elastic.

• income elastic and price inelastic.

• income inelastic and price elastic.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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jfinn1021jfinn1021
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5 years ago
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jujubee600 Author
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#2
5 years ago
Good timing, thanks!
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