Assume you earn $50 000 a year and your favourite sports magazine costs you $10 a year. Your demand for the sports magazine is likely to be:

Name: Assume you earn $50 000 a year and your favourite sports magazine costs you $10 a year. Your demand for the sports magazine is likely to be:
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Question

Quizplus · Accepted Answer

The demand for the sports magazine is likely to be inelastic because the cost of the magazine is a very small portion of your income, making you less sensitive to price changes.

Assume You Earn $50 000 a Year and Your Favourite