The price decreases from $2,000 to $1,800. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? Select one: a. The good is inferior b. O c. O d. Income elasticity is + 2 Income elasticity is + 0.5 The price elasticity of demand is -1.72
The price decreases from $2,000 to $1,800. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? Select one: a. The good is inferior b. O c. O d. Income elasticity is + 2 Income elasticity is + 0.5 The price elasticity of demand is -1.72
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 7PA: Maria has decided always to spend one third of her income on clothing. a. What is her income...
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