ECN 112 Chapter 5 Lecture Notes - Mesa Community College
1. The formula used to calculate the income elasticity of demand is: 2. For a normal good, the income elasticity of demand is positive. 3. When the income elasticity of demand is greater than 1, demand is income elastic. 4. When the income elasticity of demand is between zero and 1, demand is income inelastic. 5. For an inferior good, the ... ................
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