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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 65 times)

torybrooks

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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

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


torybrooks

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

billybob123

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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