Multiple Choice
If your annual income rose by 10 percent and you increased your purchases of shoes from 2 pairs to 3 pairs each year, then your demand for shoes is
A) income inelastic and equal to 0.50.
B) income elastic and equal to 1.50.
C) income inelastic.
D) income elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q88: Apple, the consumer electronics giant, on Tuesday
Q89: When does a decrease in supply raise
Q90: The income elasticity of demand is _
Q91: Donuts and coffee are complements. When the
Q92: The price elasticity of demand for new
Q94: In Brazil, the income elasticity of demand
Q95: The "Economics in Action" in the text
Q96: If a fall in the price of
Q97: The cross elasticity of demand is calculated
Q98: A 20 percent increase in the quantity