Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 5, Problem 21SQ

If bus travel is an inferior good, its income elasticity of demand is

  1. a. strictly greater than 1.
  2. b. positive.
  3. c. equal to zero.
  4. d. negative.
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If the absolute value of elasticity of demand for chocolate is 0.64 then the demand for chocolate is considered: a. elastic b. inelastic c. unit elastic d. yummy elastic
f the quantity demanded from good Z increases from 13 to 19 units due to the decrease in its price from OR 8 to 4, then the demand for good Z is Select one: a. Unit elastic b. Perfectly Inelastic c. Inelastic d. Elastic
when the income elasticity of demand is greater than unity, the commodity is  a. A non-related good. b. A luxury c. An inferior good d. A necessity

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How To Understand Elasticity (Economics); Author: Market Power;https://www.youtube.com/watch?v=1XXhpHJTglg;License: Standard Youtube License