Suppose that you calculate the income elasticity of demand for ramen noodles to be 4. Based on this, ramen noodles must be what type of good? An inferior good. A substitute good.. A normal good. A complementary good.
Suppose that you calculate the income elasticity of demand for ramen noodles to be 4. Based on this, ramen noodles must be what type of good? An inferior good. A substitute good.. A normal good. A complementary good.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...
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![Suppose that you calculate the income elasticity of demand for ramen noodles to
be 4. Based on this, ramen noodles must be what type of good?
An inferior good.
A substitute good..
A normal good.
A complementary good.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F62da6129-ce1b-4a3d-a850-0fc27275a6ab%2Fa29b708c-1266-409f-9abd-2d0174a56baf%2F6olu1og_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that you calculate the income elasticity of demand for ramen noodles to
be 4. Based on this, ramen noodles must be what type of good?
An inferior good.
A substitute good..
A normal good.
A complementary good.
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