Multiple Choice
Let P be the price of a good and let I represent consumer income. Which of the following demand functions represents a luxury good with inelastic price response?
A) log(Q) = 4 - 2 log(P) + 2 log(I)
B) log(Q) = 4 - 0.5 log(P) + 0.25 log(I)
C) log(Q) = 4 - 0.25 log(P) + 2 log(I)
D) log(Q) = 4 + 2 log(P) + 0.2 log(I)
Correct Answer:
Verified
Correct Answer:
Verified
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