Multiple Choice
If Jack bought 12 DVDs last year when his income was $40,000 and he buys 14 DVDs this year when his income is $43,000, then his income elasticity of demand is ______________ which means that DVDs are a(n) ______________ good for Jack.
A) +0.41; normal
B) -0.47; inferior
C) +2.13; normal
D) +0.59; inferior
E) -2.13; inferior
Correct Answer:
Verified
Correct Answer:
Verified
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