Question
An increase of 10 percent in income makes a 15 percent decrease in the demand for a good. What is the income elasticity of demand?
An increase of 10 percent in income makes a 15 percent decrease in the demand for a good. What is the income elasticity of demand? Is this good a normal good or an inferior good?Explain your answer
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Managerial Economics and Strategy
Authors: Jeffrey M. Perloff, James A. Brander
2nd edition
134167879, 134167872, 9780134168319 , 978-0134167879
