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stars_and_moon stars_and_moon
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Posts: 3218
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8 years ago
The price elasticity of demand for good A is 3.5 and the price elasticity of demand for good B is 0.5. Which of the following statements is consistent with these elasticities?
A) Good A is a normal good but good B is an inferior good.
B) Good A has a lot of substitutes but good B does not have many substitutes.
C) Good A is a small part of a person's budget but good B is a large part of the budget.
D) all of the above
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kingbykingby
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#1
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Posts: 3218
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8 years ago
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#2
8 years ago
Incredible!
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#3
8 years ago
I instantly knew the answer when I read the question, happy to help
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