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Author Question: Studies show that the income elasticity of demand for wine is approximately five. What does this mean? (Read 159 times)

TFauchery

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on: Oct 5, 2019

Studies show that the income elasticity of demand for wine is approximately five. What does this mean?


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A 1 percent increase in income leads to a 5 percent increase in wine consumption.


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Wine is a relatively elastic good.


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A 5 percent increase in income leads to a 1 percent increase in wine consumption.


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A 1 percent decrease in the price of wine leads to a 5 percent increase in wine consumption.

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Marked as best answer by TFauchery on Oct 5, 2019

ApricotDream

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Reply #1 on: Oct 5, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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TFauchery

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Reply #2 on: Oct 5, 2019
TY


ApricotDream

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Reply #3 on: Oct 5, 2019
You're welcome


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