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Author Question: If the income elasticity of demand for some good is 2.4, a 10% increase in income results in (Read 77 times)

fungirl

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on: Oct 12, 2022

Question 1

Nancy's income has just risen from $950 per week to $1050 per week. As a result, she decides to double the number of movies she attends each week. Nancy's demand for movies is
◦ income elastic.
◦ price elastic.
◦ income inelastic.
◦ positively cross inelastic.
◦ price inelastic.

Question 2

If the income elasticity of demand for some good is 2.4, a 10% increase in income results in
◦ a 24% increase in the quantity demanded.
◦ a 24% decrease in quantity demanded.
◦ a 240% decrease in quantity demanded.
◦ a 240% increase in the quantity demanded.
◦ a 2.4% increase in the quantity demanded.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by fungirl on Oct 12, 2022

dianagarcia

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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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fungirl

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

amandalm

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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