A survey found that when incomes increased by 10 percent, the following changes in the quantities demanded
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A survey found that when incomes increased by 10 percent, the following changes in the quantities demanded occurred: spring water up by 5 percent; sports drinks down by 2 percent; cruises up by 15 percent. For which good is demand income elastic? For which good is income inelastic? Which goods are normal goods?
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Because the percentage change in the quantity of cruise...View the full answer
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