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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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
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