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bioboy12 bioboy12
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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:
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DeeclaireDeeclaire
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A year ago
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bioboy12 Author
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A year ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Hellish Lover
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Yesterday
You make an excellent tutor!
Marcie D
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2 hours ago
Brilliant ツ
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