Multiple Choice
Charles purchases 20 basketball tickets per year when his annual income is $50,000 and 25 basketball tickets when his annual income is $60,000.Charles's income elasticity of demand for basketball ticket is
A) 0.82,and basketball tickets are a normal good.
B) 0.82,and basketball tickets are an inferior good.
C) 1.22,and basketball tickets are a normal good.
D) 1.22,and basketball tickets are an inferior good.
Correct Answer:
Verified
Correct Answer:
Verified
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