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marcsleiman marcsleiman
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A year ago
If the demand for a product has an income elasticity of -3.4, we can conclude that

▸ the product is certainly a necessity.

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

▸ the product is a normal good.

▸ the product has a rising income-consumption curve.

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

Microeconomics


Edition: 17th
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jp50jp50
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A year ago
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marcsleiman Author
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A year ago
You make an excellent tutor!
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Thanks
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Thanks for your help!!
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