« previous next »

Author Question: For which of the following goods is the income elasticity of demand likely to be largest? a. ... (Read 58 times)

anshika

  • Hero Member
  • *****
  • 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

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

The spotted wobbegong is the largest wobbegong shark, reaching a length of around 3 m The spotted wobbegong is the largest wobbegong shark, reaching a length of around 3 m
Tiger, the largest and heaviest living species of the cat family Tiger, the largest and heaviest living species of the cat family
Structures of the lymphatic pathway from smallest to largest. Structures of the lymphatic pathway from smallest to largest.
U.S. adults from 25 to 74 years report that the largest proportion of their daily stressors arise ... U.S. adults from 25 to 74 years report that the largest proportion of their daily stressors arise ...
The demand for cheap coal to generate electrical power is rising The demand for cheap coal to generate electrical power is rising
Income per Capita versus Income of the Bottom Quintile Income per Capita versus Income of the Bottom Quintile
Video: Parathyroid hormone (bone resorption) & Calcitonin (bone deposition)

For a complete list of videos, visit our video library