Last year, Joan bought 50 pounds of hamburger when her household income was $40,000. This year, her household income was only $30,000 and Joan bought 60 pounds of hamburger
Holding everything else constant, Joan's income elasticity of demand for hamburger is
A) negative, so Joan considers hamburger to be an inferior good.
B) negative, so Joan considers hamburger to be a normal good.
C) positive, so Joan considers hamburger to be an inferior good.
D) positive, so Joan considers hamburger to be a normal good and a necessity.
A
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A depreciation of the U.S. dollar will encourage, other things the same ________
A) the purchase of foreign goods by foreign economic agents B) the purchase of foreign goods by U.S. economic agents C) the purchase of U.S. assets by foreign economic agents D) the purchase of foreign assets by U.S. economic agents
Number of workersUnits of output0012525539541255150Table 8.2Refer to Table 8.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product is maximized when the firm hires:
A. 2 workers. B. 3 workers. C. 4 workers. D. 5 workers.