Multiple Choice
Last year, Damaris bought 8 burgers when her income was $43,000. This year, her income is $54,000, and she purchased 9 burgers. Holding other factors constant and using the midpoint method, it follows that Damaris's income elasticity of demand is about
A) 1.93, and Damaris regards burgers as inferior goods.
B) 1.93, and Damaris regards burgers as normal goods.
C) 0.52, and Damaris regards burgers as inferior goods.
D) 0.52, and Damaris regards burgers as normal goods.
Correct Answer:

Verified
Correct Answer:
Verified
Q164: OPEC failed to maintain a high price
Q165: The supply of a good will be
Q166: Figure 5-3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7555/.jpg" alt="Figure 5-3
Q167: Figure 5-8<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7555/.jpg" alt="Figure 5-8
Q168: The flatter the demand curve that passes
Q170: Studies indicate that the price elasticity of
Q171: Scenario 5-2<br>Milk has an inelastic demand, and
Q172: For a particular good, a 12 percent
Q173: Figure 5-4<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7555/.jpg" alt="Figure 5-4
Q174: Suppose the price of gas increases by