Holding everything else constant, if consumers make 1,000 more trips to Disney World as their income...

 

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Holding everything else constant, if consumers make 1,000 more trips to Disney World as their income increases by an average of $1,000 per household, can we: (a) conclude that trips to Disney World are normal goods? (b) calculate the income elasticity of demand for trips to Disney World? Holding everything else constant, if consumers make 1,000 more trips to Disney World as their income increases by an average of $1,000 per household, can we: (a) conclude that trips to Disney World are normal goods? (b) calculate the income elasticity of demand for trips to Disney World?

Answer rating: 100% (QA)

Answer a Yes we can conclude that trips to Disney World are normal goods based on the information gi... View the full answer