question archive When a 10% increase in income causes a 4% increase in quantity demanded of a good: a
When a 10% increase in income causes a 4% increase in quantity demanded of a good: a
Subject:EconomicsPrice:2.88 Bought3
When a 10% increase in income causes a 4% increase in quantity demanded of a good:
a. The price elasticity of demand is 0.4 and the good is an inferior good,
b. The income elasticity is 2.5 and the good is a normal good,
c. The income elasticity is 0.4 and the good is a normal good.
Option 1
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Option 2
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