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jonnyjon jonnyjon
wrote...
Posts: 450
5 years ago

Question 1.

The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury.

• true

• false

Question 2.

If the income elasticity for canned food is 0.8, then canned food is an inferior good.

• true

• false
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
Read 73 times
2 Replies

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Replies
wrote...
5 years ago

Answer 1

false

Answer 2

false
jonnyjon Author
wrote...
5 years ago
This calls for a celebration Person Raising Both Hands in Celebration
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