menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Microeconomics Study Set 2
  4. Exam
    Exam 6: Elasticity: the Responsiveness of Demand and Supply
  5. Question
    Suppose a 4 Percent Increase in Income Results in a 2
Solved

Suppose a 4 Percent Increase in Income Results in a 2

Question 256

Question 256

Essay

Suppose a 4 percent increase in income results in a 2 percent decrease in the quantity demanded of a good.Calculate the income elasticity of demand for the good and determine what type of good it is.

Correct Answer:

verifed

Verified

Income elasticity of...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q251: The demand for gasoline in the short

Q252: Table 6-4<br>The publisher of a magazine gives

Q253: When demand is elastic, a fall in

Q254: Linesha, a college student working part-time received

Q255: The price elasticity of supply measures<br>A)the responsiveness

Q257: Article Summary<br>Tickets for the Los Angeles production

Q258: Assume that a 2 cent per ounce

Q259: The absolute value of the price elasticity

Q260: Consider the following types of demand curves:<br>A.a

Q261: The income elasticity of demand measures<br>A)the responsiveness

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines