[Answered] For which of the following goods is the value of income elasticity most likely to be negative? a. ...

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Author Question: For which of the following goods is the value of income elasticity most likely to be negative? a. ... (Read 83 times)

torybrooks

Hero Member
Posts: 500

on: Jul 1, 2018

For which of the following goods is the value of income elasticity most likely to be negative?
a. macaroni and cheese
b. champagne
c. airline tickets
d. clothes
e. toothpaste

Question 2

Inferior goods have an income elasticity of demand that is
a. positive
b. negative
c. 0
d. greater than 1 in absolute value
e. equal to 1 in absolute value

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InfiniteSteez

Sr. Member
Posts: 340

Reply #1 on: Jul 1, 2018

Answer to Question 1

A

Answer to Question 2

B

torybrooks

Member
Posts: 500

Reply 2 on: Jul 1, 2018

TYSM

6ana001

Member
Posts: 311

Reply 3 on: Yesterday

Thanks for the timely response, appreciate it

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