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. For which good is demand income elastic? For which good is demand income inelastic? Which goods are normal goods?

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Foundations Of Microeconomics

ISBN: 9780134491981

8th Edition

Authors: Robin Bade, Michael Parkin

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