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13 Dec 2017
3. Suppose that the demand for roses increases from 500 to 600 stems when income rises from $10,000 to $20,000. The income elasticity of roses is: a. 0.27 and roses are normal goods. b. 3.67 and roses are normal goods. c.-3.67 and roses are inferior goods. d. +0.27 and roses are inferior goods. e. 0.02 and roses are inferior goods.
3. Suppose that the demand for roses increases from 500 to 600 stems when income rises from $10,000 to $20,000. The income elasticity of roses is: a. 0.27 and roses are normal goods. b. 3.67 and roses are normal goods. c.-3.67 and roses are inferior goods. d. +0.27 and roses are inferior goods. e. 0.02 and roses are inferior goods.
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