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Author Question: Suppose national income is rising steadily at 2% per year over a 5-year period. Over the same time ... (Read 78 times)

meganh99

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on: Oct 12, 2022
Suppose national income is rising steadily at 2% per year over a 5-year period. Over the same time period, suppose quantity demanded for iPhones increases at 5% per year, but no other relevant variables are changing. We can conclude that the income elasticity for this product is ________ and that this product is a(n) ________ good.
◦ 2.5; luxury
◦ 4.0; necessities
◦ 4.0; normal
◦ 10.0; necessities
◦ 0.4; inferior
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by meganh99 on Oct 12, 2022

studyforce.com

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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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meganh99

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

xiaomengxian

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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