For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________.
A: negative, and pizza is a inferior good
B: positive, and pizza is a normal good
C: positive, and pizza is an inferior good
D: negative, and pizza is an normal good
A: negative, and pizza is a inferior good
B: positive, and pizza is a normal good
C: positive, and pizza is an inferior good
D: negative, and pizza is an normal good
举一反三
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________.
- If a 4% increase in income causes a 2% increase in the amount of books demanded, then A: The income elasticity of demand for books is negative B: Books are a necessity and a normal good C: Books are luxury goods D: Books are inferior goods
- Suppose that the quantity supplied of pizza exceeds the quantity demanded for pizza. We would expect that:
- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
- Abigail: Is Paul’s Pizza ________ Pizza Cascade? Logan: I think Paul’s Pizza is better.