What is the good a normal good or an inferior good

Reference no: EM13206358

Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good?

Reference no: EM13206358

Questions Cloud

Traditional gender based division of labor by encouraging : Handsome Lake believed that it was in his society's best interest to modify its traditional gender based division of labor by encouraging.

Use limit laws to find the limit : Use Limit Laws to find the limit. Graph each function before you submit the solution to check if the graph supports your conclusion.

What distance does the torpedo travel : at what angle must the submarine fire the torpedo to strike the carrier (report to 2 decimal places, i.e. 35.62 degrees). What is the running time of the torpedo? What distance does the torpedo travel?

Design an effective performance management system : Develop a performance management system that focuses on both competencies and objectives related to the strategic statement and using as many of these elements as necessary to meet the organization's stated strategy; the task force is to design an ..

What is the good a normal good or an inferior good : Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good

What is the mean of number of houses that develop leaks : The probability that a house in an urban area will develope a leak is 5%. if 20 houses are randomly selected, what is the mean of number of houses that develop leaks.

A majority of early english migrants to chesapeake bay : A majority of the early english migrants to the chesapeake bay area were

Calculated the elasticity of demand for chocolate : Assume the point elasticity method. 1. Anna owns the Sweet Alps Chocolate store. She charges $10 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be

Find the equation of the line that is perpendicular : find the equation of the line that is perpendicular to x+5y=-3 and taht passes through (-2,-1). Express your answer in stanard form.

User Account

All Pages