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Suppose national income is rising steadily at 2% per year over a 5-year period. Over the same time ...

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Suppose national income is rising steadily at 2% per year over a 5-year period. Over the same time ...

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

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Microeconomics

Edition: 17^th

Author: Ragan

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