Multiple Choice
The quantity demanded of good X falls by 20% and,in response,your income goes down by 10% and,the income elasticity of demand would be:
A) 2
B) 4
C) .5
D) .20
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q74: As the price of video games is
Q75: The demand for a product is more
Q76: What is the most likely effect of
Q77: The demand for Dell laptops is more
Q78: Given that the own-price elasticity of demand
Q80: What criteria do consumers apply when deciding
Q81: A product can be classified as an
Q82: The government decided to reduce taxes on
Q83: If MR<MC,then the firm should<br>A)increase production<br>B)decrease production<br>C)keep
Q84: Jim has estimated elasticity of demand for