If a 10 percent increase in income induced a group of consumers to reduce their yearly purchases of eggs by 5 percent, for these consumers, Group of answer choices the income elasticity of eggs equals approximately 1.05. the income elasticity of eggs is 0.5. eggs are a luxury good. eggs are an inferior good.
Coates inc. experienced the following events in 2014, in its first year of operation: (1) received $20,000
Bendmads04October 23, 20214 Comments
Steven and Emily Campbell are planning to open a casual dining restaurant in downtown Akron, Ohio, and
Hannahdrees0731October 23, 20216 Comments
Roxy operates a dress shop in arlington, virginia. lisa, a maryland resident, comes in for a measurement
mobeteOctober 23, 20213 Comments
Asap which statement is true? a. as the risk of an investment decreases, the opportunity of gains increases.
LuzinaustinOctober 23, 20212 Comments
Which tool or feature reduces speckling, dust particles, scratches, and minute light
Saeedalr366October 23, 20216 Comments
This Post Has 3 Comments
the income elasticity of eggs is 0.5.
Inferior goods are goods whose demand falls when income rises and increases when income falls.
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income.
income elasticity = percentage change in quantity demanded / percentage change in income
5/10 = 0.5
If the absolute value of income elasticity of demand is greater than one, it means demand is elastic.
If the absolute value of income elasticity of demand is less than one, it means demand is inelastic.
answer///ability to capture the attention of users;
i think the answer to your question is b. directive