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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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