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

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...

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