Table 5-8
-Refer to Table 5-8. Using the midpoint method, the income elasticity of demand for good Y is
A)2.33, and good Y is a normal good.
B)-2.33, and good Y is an inferior good.
C)-0.43, and good Y is a normal good.
D)-0.43, and good Y is an inferior good.

Question

Table 5-8 
-Refer to Table 5-8. Using the midpoint method, the income elasticity of demand for good Y is
A)2.33, and good Y is a normal good. 
B)-2.33, and good Y is an inferior good. 
C)-0.43, and good Y is a normal good. 
D)-0.43, and good Y is an inferior good.

Quizplus · Accepted Answer

The Answer of Table 5-8 
-Refer to Table 5-8. Using the midpoint method, the income elasticity of demand for good Y is
A)2.33, and good Y is a normal good. 
B)-2.33, and good Y is an inferior good. 
C)-0.43, and good Y is a normal good. 
D)-0.43, and good Y is an inferior good.

Table 5-8 -Refer to Table 5-8. Using the Midpoint Method, the Income