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Author Question: For which of the following goods is the income elasticity of demand likely to be largest? a. ... (Read 60 times)

anshika

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  • Posts: 510
on: Jul 1, 2018
For which of the following goods is the income elasticity of demand likely to be largest?
 a. paperback mystery stories
  b. best-selling hardcover novels
  c. used textbooks
  d. children's books
  e. leather-bound editions of Shakespeare

Question 2

Goods with an income elasticity of demand greater than 1 are called
 a. necessities
  b. inferior goods
  c. normal goods
  d. luxuries
  e. complements


parshano

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  • Posts: 333
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

D


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