Income increases from £20,000 p.a. to £22,000 p.a. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? O a. The good is inferior O b. Demand is price elastic O c. Demand is price inelastic d. The good is normal

Income increases from £20,000 p.a. to £22,000 p.a. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? O a. The good is inferior O b. Demand is price elastic O c. Demand is price inelastic d. The good is normal

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Income increases from £20,000 p.a. to £22,000 p.a.
Quantity demanded per year increases from 5000
to 6000 units. Which of the following is correct?
O a. The good is inferior
O b. Demand is price elastic
O c. Demand is price inelastic
d. The good is normal

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