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Author Question: If a product's income elasticity of demand is -1.7, then we can conclude that (Read 52 times)

mustachegiraffe

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on: Oct 12, 2022

Question 1

When calculating the price elasticity of demand for some product, we ignore the ________ of the change, and focus only on the ________ of the measure.
◦ direction; absolute value
◦ direction; percentage change
◦ source; absolute value
◦ source: percentage change
◦ absolute value; percentage change

Question 2

If a product's income elasticity of demand is -1.7, then we can conclude that
◦ the product is a normal good.
◦ an increase in income will lead to an increase in demand for the product.
◦ the product is certainly a necessity.
◦ the product is a luxury good.
◦ a decrease in income will lead to an increase in demand for the product.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by mustachegiraffe on Oct 12, 2022

ladan86

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Reply #1 on: Oct 12, 2022
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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mustachegiraffe

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

essyface1

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Reply 3 on: Yesterday
Excellent

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