Given the following income elasticities of demand, would you classify the good as a luxury, necessity, or inferior good?
(A) Salt: elastacity $= 0.2$.
(B) Putatues: elasticity $= - 0.1$.
(C) Frazen dinners: elasticity $= 0.9$.
(D) Restaurant meals: elasticity $= 1.5$

Question

Given the following income elasticities of demand, would you classify the good as a luxury, necessity, or inferior good?
 (A) Salt: elastacity $= 0.2$.
(B) Putatues: elasticity $= - 0.1$.
(C) Frazen dinners: elasticity $= 0.9$.
(D) Restaurant meals: elasticity $= 1.5$

Quizplus · Accepted Answer

The Answer of Given the following income elasticities of demand, would you classify the good as a luxury, necessity, or inferior good?
 (A) Salt: elastacity $= 0.2$.
(B) Putatues: elasticity $= - 0.1$.
(C) Frazen dinners: elasticity $= 0.9$.
(D) Restaurant meals: elasticity $= 1.5$

Given the Following Income Elasticities of Demand, Would You Classify =0.2= 0.2=0.2

Given the Following Income Elasticities of Demand, Would You Classify $= 0.2$