For which of the following goods is the income elasticity of demand likely lowest?
A)Water
B)Pineapples
C)Sapphire pendant necklaces
D)Yachts

Name: For which of the following goods is the income elasticity of demand likely lowest? A)Water B)Pineapples C)Sapphire pendant necklaces D)Yachts
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Question

Quizplus · Accepted Answer

Water is a basic necessity, and its demand is less sensitive to changes in income compared to luxury items like sapphire pendant necklaces and yachts, or even non-essential food items like pineapples.

For Which of the Following Goods Is the Income Elasticity