Author Question: If Vicky's income increases by 8% and she increases her consumption of take-out meals by 4%, then ... (Read 41 times)

ShannenConnor · **on:** Oct 12, 2022

Question 1

We can expect that the income elasticity of demand for gourmet catered meals would be ________ the income elasticity of demand for basic groceries.
◦ less than
◦ equivalent to
◦ lower than
◦ not comparable to
◦ higher than

Question 2

If Vicky's income increases by 8% and she increases her consumption of take-out meals by 4%, then her income elasticity of demand for take-out meals is
◦ -0.5.
◦ 2.0.
◦ 0.5.
◦ 4.0.
◦ -2.0.

Deonnak85 · **Reply #1 on:** Oct 12, 2022

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