The income elasticity of demand for housing property is exactly 1.40 . Due to a recession, you expect incomes to drop by 5 next year. How will consumers adjust their purchase for housing property?
a. Buy 5 more houses
b. Buy 5 fewer houses
c. Buy 7 more houses
d. Buy 7 fewer houses
Question 2
Suppose this customer is known to throw a fit and scare away other customers if charged high prices. If the shopkeeper moves first, he would ask for
a. A high price
b. A low price
c. A pony
d. All of the above
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