An income elasticity of 2 for watermelon juice indicates that: (a) Watermelon juice is inferior goods. (b) Watermelon juice is normal goods. (c) Watermelon juice is a close substitute of mango juice. (d) Watermelon juice and Haleem are complements. Justify:
An income elasticity of 2 for watermelon juice indicates that: (a) Watermelon juice is inferior goods. (b) Watermelon juice is normal goods. (c) Watermelon juice is a close substitute of mango juice. (d) Watermelon juice and Haleem are complements. Justify:
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 5E
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An income elasticity of 2 for watermelon juice indicates that:
(a) Watermelon juice is inferior goods.
(b) Watermelon juice is normal goods.
(c) Watermelon juice is a close substitute of mango juice.
(d) Watermelon juice and Haleem are complements.
Justify:
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