Top Posters
Since Sunday
e
5
R
5
e
4
4
d
4
o
3
p
3
t
3
3
m
3
p
3
m
3
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
bioboy12 bioboy12
wrote...
Go to Answer
Posts: 109
Rep: 0 0
A year ago
Suppose national income is rising steadily at 2% per year over a 5-year period. Over the same time period, suppose quantity demanded for iPhones increases at 5% per year, but no other relevant variables are changing. We can conclude that the income elasticity for this product is ________ and that this product is a(n) ________ good.

▸ 2.5; luxury

▸ 4.0; necessities

▸ 4.0; normal

▸ 10.0; necessities

▸ 0.4; inferior
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 38 times
1 Reply
Replies
Answer verified by a subject expert
DeeclaireDeeclaire
wrote...
#1
Posts: 134
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

bioboy12 Author
wrote...

A year ago
Thank you, thank you, thank you!
ouasfoudgewu
wrote...

Yesterday
This site is awesome
apelton
wrote...

2 hours ago
Thanks
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  992 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 1836
  
 415
  
 259