Business, 06.04.2020 23:20, LilLappyLOL

Income elasticity of demand measures:

a) how responsive quantity demanded is to changes in income.
b) how responsive quantity demanded is to changes in price.
c) how responsive income is to changes in education levels.
d) how responsive price is to changes in quantity demanded.

For the next part, suppose the income elasticity of demand for butter is 0.11. That means butter is:

a) a luxury good.
b) a normal good.
c) an inferior good.
d) a complementary good.
e) a substitute good.

Answers: 2

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Income elasticity of demand measures:

a) how responsive quantity demanded is to changes...