A rise in income of 15% would leads to demand falling by 9%

1.	A rise in income of 15% would leads to demand falling by 9%
Answer» ANSWER: When a 10% increase in INCOME CAUSES a 4% increase in quantity demanded of a good the price elasticity of demand is 4 and the good is an inferior good. the income elasticity is 2.5 and the good is a normal good. the income elasticity is 4 and the good is a normal good.

Answer»

When a 10% increase in INCOME CAUSES a 4% increase in quantity demanded of a good the price elasticity of demand is 4 and the good is an inferior good. the income elasticity is 2.5 and the good is a normal good. the income elasticity is 4 and the good is a normal good.

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A rise in income of 15% would leads to demand falling by 9%​

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A rise in income of 15% would leads to demand falling by 9%