6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity suppfied increase by 25%. Elasticity of supply is: A. 0.6 Attempt both B. 0.2 C. 1.7

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a:
A. Normal good
B. Inferior good
C. Not good
D. Can't say for sure
7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity
of supply is:
A. 0.6
Attempt both
B. 0.2
C. 1.7
D. 1.3
Transcribed Image Text:6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6 Attempt both B. 0.2 C. 1.7 D. 1.3
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