A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The

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A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good.
A. 2; normal
B. –2; inferior
C. 1/2; normal
D. 2; inferior

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Foundations Of Economics

ISBN: 9780135897478

9th Edition

Authors: Robin Bade, Michael Parkin

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Question Posted: Dec 28, 2022 03:50 AM

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A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The

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Foundations Of Economics

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