Multiple Choice
If your purchases of shoes decrease from 11 pairs per year to 9 pairs per year when your income increases from $19,000 to $21,000 a year, then your income elasticity of demand for shoes is.
A) -2.
B) -0.67.
C) 0.67.
D) 2.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q57: If a good has a price inelastic
Q58: Assume the supply curve shifts to the
Q59: A linear demand curve:<br>A) has a constant
Q60: An upward movement along a linear demand
Q61: Determining whether the price elasticity of demand
Q63: If the price of a good is
Q64: If an increase in income leads to
Q65: A newspaper typically consumes a smaller fraction
Q66: Use the following for questions 163-168.<br>Exhibit: Johnson's
Q67: If demand is price elastic, a change