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Author Question: Food and utilities are examples of income-inelastic products. Indicate whether the statement is ... (Read 21 times)

schs14

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on: Jul 7, 2018
Food and utilities are examples of income-inelastic products.
 
  Indicate whether the statement is true or false

Question 2

If the income-elasticity coefficient for coffee is 0.5, the demand for coffee will ________.
 
  A) decrease 0.5 percent for every 1.0 percent increase in income
  B) increase 1.0 percent for every 5.0 percent increase in income
  C) increase 0.5 percent for every 1.0 percent increase in income
  D) decrease 0.5 percent for every 0.5 percent increase in income


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pangili4

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Reply #1 on: Jul 7, 2018
Answer to Question 1

TRUE

Answer to Question 2

C


schs14

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Reply 2 on: Jul 7, 2018
YES! Correct, THANKS for helping me on my review

cici

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Reply 3 on: Yesterday
Gracias!

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