ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Assuming the change in demand from D1 to D2 was caused by a decrease in consumer income from $30,000 to $10,000, what is the income elasticity of demand at price=$20 is , and this is a product?

   

(a) 1/2 , inferior
   

(b) -2, inferior
   

(c) -1/2, inferior
   

(d) 1, normal
   

(e) 2, normal
28 28 24 20 16 12 8 4 0 0 4 S1 S2 D2 D1 00 8 12 16 20 24
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Transcribed Image Text:28 28 24 20 16 12 8 4 0 0 4 S1 S2 D2 D1 00 8 12 16 20 24
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