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If the income elasticity of food is 0.72, then food is

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If the income elasticity of food is 0.72, then food is

If the income elasticity of food is 0.72, then food is
A) a necessity and a normal good.
B) a normal good.
C) a necessity.
D) an inferior good.

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Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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Solved The income elasticity of demand is
Solved For a good such as food, the income elasticity is likely
Solved If a product is a normal good, then its income elasticity of demand is
Solved A positive income elasticity of demand indicates the good is
Solved For a normal good, the income elasticity of demand is:
Solved A good is said to be "normal" if
Solved Based on Figure 4.1, food is:
Solved A good is said to be both normal and a necessity if the income elasticity of demand is greater than 1.0.

PaulKet Author

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Yay, got perfect on my quiz

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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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