Business, 30.03.2021 21:20 glo251

Suppose income increases by 10 percent and, as a result, the quantity of a particular brand of automobile demanded (holding the price for this particular automobile constant) decreases by 16 percent. The income elasticity of demand for this brand of car is places and include a minus sign if appropriate.) (Enter your response rounded to two decimal This particular brand of automobile is a(n) good. In another example, suppose market research shows that a particular brand of truck is a normal good and a necessity. If so, then the income elasticity of demand for this truck is: A. positive.
B. zero.
C. negative.
D. less than 1 but greater than 0.
E. greater than 1.

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Suppose income increases by 10 percent and, as a result, the quantity of a particular brand of autom...

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