Multiple Choice
When Mary earned $3,200 per month, she bought 2 concert tickets each month. Now her monthly income is $5,600, and the number of concert tickets she purchases has risen to 3 per month. Mary's income elasticity of demand for concert tickets equals ________ and the tickets are a(n) ________ good for Mary.
A) -1.36; normal
B) -0.21; inferior
C) +0.21; complementary
D) +0.73; normal
Correct Answer:
Verified
Correct Answer:
Verified
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