7. A survey found that when incomes increased by 10 percent, the following changes in quantities demanded

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7. A survey found that when incomes increased by 10 percent, the following changes in quantities demanded occurred: spring water up by 5 percent;

sports drinks down by 2 percent; cruises up by 15 percent. Which demand is income elastic? Which is income inelastic? Which are normal goods?

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Essential Foundations Of Economics

ISBN: 9780520219465

7th Global Edition

Authors: Bade, Robin;Parkin, Michael

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Question Posted: Nov 05, 2024 08:00 AM

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7. A survey found that when incomes increased by 10 percent, the following changes in quantities demanded

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Essential Foundations Of Economics

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