Next questic When income rises by 2 percent and other things remain the same, the quantity demanded of good C increases by 1 percent. Calculate the income elasticity of demand for good C. Is good Ca normal good or an inferior good? How does the demand for good C change? ..... The income elasticity of demand for good C is >>> Answer to 1 decimal place. Good C is good and as income rises, the demand for good C O A. a normal; decreases OB. an inferior; increases C. an inferior; decreases O D. a complementary; increases O E. a normal; increases
Next questic When income rises by 2 percent and other things remain the same, the quantity demanded of good C increases by 1 percent. Calculate the income elasticity of demand for good C. Is good Ca normal good or an inferior good? How does the demand for good C change? ..... The income elasticity of demand for good C is >>> Answer to 1 decimal place. Good C is good and as income rises, the demand for good C O A. a normal; decreases OB. an inferior; increases C. an inferior; decreases O D. a complementary; increases O E. a normal; increases
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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