Table 5-1

-Refer to Table 5-1.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 Y is an inferior good.
C)-0.43 and Y is an inferior good.
D)-0.43 and Y is a law-of-demand good.

Question

Table 5-1
 
-Refer to Table 5-1.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 Y is an inferior good. 
C)-0.43 and Y is an inferior good. 
D)-0.43 and Y is a law-of-demand good.

Quizplus · Accepted Answer

The Answer of Table 5-1
 
-Refer to Table 5-1.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 Y is an inferior good. 
C)-0.43 and Y is an inferior good. 
D)-0.43 and Y is a law-of-demand good.

Table 5-1 -Refer to Table 5-1.Using the Midpoint Method,the Income Elasticity of Method,the