Question: Use this information to answer questions 38 39. Time left 0:45:56 Mary works at the university and earns $55,000 per month and typically she buys

 Use this information to answer questions 38 39. Time left 0:45:56

Mary works at the university and earns $55,000 per month and typically

Use this information to answer questions 38 39. Time left 0:45:56 Mary works at the university and earns $55,000 per month and typically she buys 2 pairs of shoes. After two years her monthly salary increased to $60,000 and she purchased 4 pairs. (2 marks) 38. What is Mary's income elasticity of demand for shoes? Select one: 0 a. 6.T? (9 b. 6]? O C. ?.6? Q d. 7.67 Clear my choice As far as Mary is concern! shoes are 777777777777 because the income elasticity is 7777777777 . (1 mark) Select one: Q a. normal goods, positive O b. inferior goodsf positive O c. inferior goods, negative 0 d. inferior goods, positive

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!