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Economics
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If a good is inferior in an economic sense,

a. it is demand price elastic.

b. it is demand price inelastic.

c. the income elasticity of demand is negative.

d. it is a low-quality good.

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Anne Gillian Duero
Anne Gillian DueroLv10
23 Oct 2020
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Related questions

A good with an income elasticity greater than one is A good with an income elasticity that is positive and less than 1 is A good with an income elasticity that is negative is OA. a normal good that is income inelastic; a normal good that is income elastic; an inferior good OB. an inferior good; a normal good that is income elastic; a normal good that is income inelastic OC. a normal good that is income elastic, a normal good that is income inelastic; an inferior good OD. a normal good that is unit elastic, a normal good that is income elastic; an inferior good An example of an income elastic good is and an example of an income inelastic good is OA. a haircut; food OB. tobacco; furniture OC. clothing; a telephone OD. airline travel; an automobile

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Demand for this good is (enter inelastic, elastic or unitary elastic) with respect to price.

This is a (enter normal or inferior) good as income elasticity is (enter less than, greater than or equal) zero, and it is a (enter necessity or luxury) good as income elasticity is (enter less than, greater than or equal) one.

Widgets and gadgets are (enter complements or substitutes), because cross-price elasticity is (enter positive or negative). Widgets and gadgets (enter are or are not) good substitutes because cross-price elasticity is (enter less than, greater than or equal) (enter the numerical value).

suppose you have the demand function given: d 40- 2p^2+m, where M is income and P is the price of a good . You have an income of $100.

a) Compute the price elasticity of demand.

b) If P=1, is the good elastic, inelastic or unit elastic?

c) Assuming P=1, compute the income elasticity of the good when income goes from $100 to $200

d) What type of good is it?

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