Table 5-6

-Refer to Table 5-6.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 5-6
 
-Refer to Table 5-6.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 5-6
 
-Refer to Table 5-6.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 5-6 -Refer to Table 5-6.Using the Midpoint Method,the Income Elasticity of Method,the