Question
Adan's income increases by 10% and his demand for steak increased by 15%, all else constant. Adan's income elasticity of demand for steak is _________.
Adan's income increases by 10% and his demand for steak increased by 15%, all else constant. Adan's income elasticity of demand for steak is _________. Thus, steaks are a (an) __________ good and a __________ for Adan.
0.5, inferior, necessity
1.5, normal, luxury
0.5, inferior, luxury
1.5, normal, necessity
explain
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Introduction to Econometrics
Authors: James H. Stock, Mark W. Watson
3rd edition
133595420, 978-0138009007, 138009007, 978-0133486872, 133486877, 978-0133595420
