Income elasticity of demand for a good

Assignment Help Microeconomics
Reference no: EM132472931

If the income elasticity of demand for a good is 0.56, is the good a normal or inferior good?

Reference no: EM132472931

Questions Cloud

How does it compare to the path if they accept it : What is consumption in Week 0, Week 1, Week 2, etc. - if they refuse the offer? How does it compare to the path if they accept it?
Describe service failure or recovery account from a customer : What impact could such negative publicity have on the organization? Describe a service failure or recovery account from a customer on the Web site.
Effect on the current market equilibrium : Suppose the Society of once-in-a-lifetime Opportunities for All has successfully lobbied the government to impose a "Price Ceiling" that makes it possible
THELEAD601 Principles of Leadership and Management : THELEAD601 Principles of Leadership and Management Assignment Help and Solution, TAFE SA - Assessment Writing Service - Select a team member from the video
Income elasticity of demand for a good : If the income elasticity of demand for a good is 0.56, is the good a normal or inferior good?
Discuss about the stage of the product life cycle : Explain your rationale and identify what strategies they have adopted or need to adopt to extend their lifecycle or develop a new product.
Equations for desired consumption : Consider a simple model showing the following equations for desired consumption, investment and government purchases
Which form of encryption ensure spreadsheet stored on disk : Which form of encryption would ensure the spreadsheet is always stored on the disk in encrypted format? More than one form may be correct.
How is the unemployment rate measured : How is the unemployment rate measured? How might the unemployment rate overstate the amount of joblessness? How might it understate it?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd