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O C. negative; negative O D. positive; negative If the income elasticity of SUVS is greater than 1, what is the good considere O A. an inferior good O B. a necessity OC. a luxury O D. a substitute good

O C. negative; negative O D. positive; negative If the income elasticity of SUVS is greater than 1, what is the good considere O A. an inferior good O B. a necessity OC. a luxury O D. a substitute good

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The income elasticity of demand for a normal good is and for an inferior good is O A. negative; positive O B. positive; positive O C. negative; negative O D. positive; negative If the income elasticity of SUVS is greater than 1, what is the good considered? O A. an inferior good O B. a necessity OC. a luxury O D. a substitute good
Transcribed Image Text:The income elasticity of demand for a normal good is and for an inferior good is O A. negative; positive O B. positive; positive O C. negative; negative O D. positive; negative If the income elasticity of SUVS is greater than 1, what is the good considered? O A. an inferior good O B. a necessity OC. a luxury O D. a substitute good
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