Question
If a 10 percent increase in income leads to a 5 percent decrease in the demand for a good, the income elasticity of demand equals
If a 10 percent increase in income leads to a 5 percent decrease in the demand for a good, the income elasticity of demand equals ________ and the good is a _________ good.
-2; normal-2; inferior-1/2; normal-1/2; inferior
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The Great Divide Unequal Societies And What We Can Do About Them
Authors: Joseph E Stiglitz
1st Edition
0393352188, 9780393352184
