Posey has worked in the banking sector for a long time. She recently changed jobs and now works for Goldmand Sachs and has gotten a very large salary . She used to mostly eat at her local cheap restaurant and wore normal clothing, but now she eats at expensive restaurants and wears luxurious clothing. What is the changed concept of Posey's habits called? a) Income elasticity of demands b) Cross price elasticity c) Inelastic demand d) inferior demand
Posey has worked in the banking sector for a long time. She recently changed jobs and now works for Goldmand Sachs and has gotten a very large salary . She used to mostly eat at her local cheap restaurant and wore normal clothing, but now she eats at expensive restaurants and wears luxurious clothing. What is the changed concept of Posey's habits called? a) Income elasticity of demands b) Cross price elasticity c) Inelastic demand d) inferior demand
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Posey has worked in the banking sector for a long time. She recently changed jobs and now works for Goldmand Sachs and has gotten a very large salary . She used to mostly eat at her local cheap restaurant and wore normal clothing, but now she eats at expensive restaurants and wears luxurious clothing. What is the changed concept of Posey's habits called?
a) Income
b) Cross price elasticity
c)
d) inferior demand
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education