Question: This question has multiple answers. Select all that apply. Suppose the supply for a good is perfectly inelastic and the number of consumers in the
This question has multiple answers. Select all that apply.
Suppose the supply for a good is perfectly inelastic and the number of consumers in the market has increased. There are no other changes.
Equilibrium price is unknown
Equilibrium quantity is unknown
No change in equilibrium quantity
Demand decreases
Demand increases
Equilibrium price increases
Equilibrium quantity increases
Supply increases
Suppose the income of an individual has decreased from $600 to $500 a week. His consumption of a good X has increased from 10 units to 12 units a week. Calculate income elasticity of demand for good X.
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