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Loraine Loraine
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8 years ago
When income increases from $20,000 to $30,000 the quantity of inter-city bus trips taken per year decreases from 10 to 8. Hence
A) inter-city bus trips are a normal good.
B) the income elasticity of demand for inter-city bus trips is -1.8.
C) the income elasticity of demand for inter-city bus trips is -0.56.
D) Both answers A and B are correct.
E) Both answers A and C are correct.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
Don't mention it Happy Dummy
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