The price decreases from $2,000 to $1,800. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? Select one: a. The good is inferior b. O c. O d. Income elasticity is + 2 Income elasticity is + 0.5 The price elasticity of demand is -1.72

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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The price decreases from
$2,000 to $1,800. Quantity
demanded per year increases
from 5000 to 6000 units. Which
of the following is correct?
Select one:
a. The good is inferior
b.
O c.
O d.
Income elasticity is + 2
Income elasticity is + 0.5
The price elasticity of
demand is -1.72
Transcribed Image Text:The price decreases from $2,000 to $1,800. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? Select one: a. The good is inferior b. O c. O d. Income elasticity is + 2 Income elasticity is + 0.5 The price elasticity of demand is -1.72
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