To say that turnips are inferior goods means that the income elasticity
An increase in Abigail's income decreases her demand for cassette tapes. For her, cassette
Goods whose income elasticities are negative are called
A) superior goods.
B) inferior goods.
C) normal goods
A 10 percent increase in income has caused a 5 percent decrease in the quantity demanded.
Theincome elasticity is
Deb's income has just risen from $950 per week to $1,050 per week. As a result, she
decides toincrease the number of movies she attends each month by 5 percent. Her demand
for movies is
Fred's income has just risen from $940 per week to $1,060 per week. As a result, he
decides topurchase 9 percent more steak per week. The income elasticity of Fred's demand
for steak is