Multiple Choice
If Jack bought 21 CDs last year when his income was $30,000 and he buys 23 CDs this year when his income is $35,000,then his income elasticity of demand is ______________ which means that CDs are a(n) ______________ good for Jack.
A) +1.69; normal
B) -1.69; inferior
C) +0.59; normal
D) +0.59; inferior
E) -0.44; inferior
Correct Answer:
Verified
Correct Answer:
Verified
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