7. Angel fan yearly incomes have increased from $50,000 to $56,000 and (ceteris paribus) ticket sales on Monday evening games decreased from 5000 to 3500. c. Calculate the income elasticity of demand. What kind of demand is it? d. Are Angel tickets normal goods or inferior goods? How do you know?
7. Angel fan yearly incomes have increased from $50,000 to $56,000 and (ceteris paribus) ticket sales on Monday evening games decreased from 5000 to 3500. c. Calculate the income elasticity of demand. What kind of demand is it? d. Are Angel tickets normal goods or inferior goods? How do you know?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
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![7. Angel fan yearly incomes have increased from $50,000 to $56,000 and (ceteris paribus)
ticket sales on Monday evening games decreased from 5000 to 3500.
c. Calculate the income elasticity of demand. What kind of demand is it?
d. Are Angel tickets normal goods or inferior goods? How do you know?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb8eaeb6c-bcc8-4b2a-b2a6-9ab84e3ccd97%2F70e0d8b9-d524-4d76-afae-1f072d80251a%2Fekj118j_processed.png&w=3840&q=75)
Transcribed Image Text:7. Angel fan yearly incomes have increased from $50,000 to $56,000 and (ceteris paribus)
ticket sales on Monday evening games decreased from 5000 to 3500.
c. Calculate the income elasticity of demand. What kind of demand is it?
d. Are Angel tickets normal goods or inferior goods? How do you know?
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