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_________.
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- 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
- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
- Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X 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: