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Author Question: If a family spends a large part of its total budget on food, then its demand for food tends to be price (Read 122 times)

cnetterville

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on: May 25, 2020

Question 1

If the income elasticity of demand for a good is 1.5, then good Z is
◦ a luxury good.
◦ an inferior good.
◦ an income-neutral good.
◦ a normal good.

Question 2

If a family spends a large part of its total budget on food, then its demand for food tends to be price
◦ inelastic.
◦ elastic.
◦ unitary elastic.
◦ No way to tell from the information given
Essential Economics for Business ¦ Sloman, Jones ¦ 5th Edition
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Marked as best answer by cnetterville on May 25, 2020

Liamb2179

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Reply #1 on: May 25, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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cnetterville

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Reply 2 on: May 25, 2020
Excellent

patma1981

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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